https://www.taxtmi.com/caselaws?id=37581 The High Court of Madras ruled against the revenue department in a case involving the interpretation of Section 154 of the Income-tax Act, 1961. The court held that rectification under Section 154 must be based on a mistake apparent from the record of assessment and cannot be used to rectify assessments based on subsequent events in partners' assessments. The court emphasized the distinction between individual and firm entities in assessment and rejected the argument that rectification could be done under Section 183(b). The court directed the judgment to be sent to the Appellate Tribunal and awarded costs to the assessee. en-us Fri, 17 Feb 1978 00:00:00 +0530 Tue, 30 Mar 2010 16:40:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37581 The High Court of Madras ruled against the revenue department in a case involving the interpretation of Section 154 of the Income-tax Act, 1961. The court held that rectification under Section 154 must be based on a mistake apparent from the record of assessment and cannot be used to rectify assessments based on subsequent events in partners' assessments. The court emphasized the distinction between individual and firm entities in assessment and rejected the argument that rectification could be done under Section 183(b). The court directed the judgment to be sent to the Appellate Tribunal and awarded costs to the assessee. Case-Laws Income Tax Fri, 17 Feb 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37581