https://www.taxtmi.com/caselaws?id=755798 The ITAT Nagpur held that rectification under section 154 for disallowance of prior period expenses was invalid. Following the precedent in Atul Shirodkar Associates, the tribunal ruled that section 154 rectification requires an obvious and patent mistake apparent from record, not issues requiring lengthy reasoning processes where multiple opinions are possible. Since the prior period expenses issue was open to divergent views and required detailed examination, the AO's rectification order exceeded the scope of "mistake apparent from record" and was decided in favor of the assessee. en-us Thu, 11 Jul 2024 00:00:00 +0530 Thu, 18 Jul 2024 09:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755798 The ITAT Nagpur held that rectification under section 154 for disallowance of prior period expenses was invalid. Following the precedent in Atul Shirodkar Associates, the tribunal ruled that section 154 rectification requires an obvious and patent mistake apparent from record, not issues requiring lengthy reasoning processes where multiple opinions are possible. Since the prior period expenses issue was open to divergent views and required detailed examination, the AO's rectification order exceeded the scope of "mistake apparent from record" and was decided in favor of the assessee. Case-Laws Income Tax Thu, 11 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755798