https://www.taxtmi.com/caselaws?id=456337 ITAT Mumbai held that rectification order u/s 154 regarding prior period expenses and loss on sale of RMC was invalid. Following SC precedent in T.S. Balram v. Volkart Brothers, the tribunal ruled that mistakes apparent from record must be obvious and patent, not requiring lengthy reasoning or where divergent views are possible. Since the issue of prior period expenses was open to different interpretations and required detailed examination, it fell outside the scope of s. 154 rectification powers. The assessee's appeal was allowed. en-us Thu, 07 Jul 2022 00:00:00 +0530 Wed, 17 Jul 2024 20:53:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456337 ITAT Mumbai held that rectification order u/s 154 regarding prior period expenses and loss on sale of RMC was invalid. Following SC precedent in T.S. Balram v. Volkart Brothers, the tribunal ruled that mistakes apparent from record must be obvious and patent, not requiring lengthy reasoning or where divergent views are possible. Since the issue of prior period expenses was open to different interpretations and required detailed examination, it fell outside the scope of s. 154 rectification powers. The assessee's appeal was allowed. Case-Laws Income Tax Thu, 07 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456337