AO corrected mistake under sec 154 due to audit objections. Tribunal upheld assessee's appeal. Revenue's appeal dismissed.

AO corrected mistake under sec 154 due to audit objections. Tribunal upheld assessee's appeal. Revenue's appeal dismissed. https://www.taxtmi.com/highlights?id=80397 Rectification of mistake u/s 154 - AO issued notice u/s 154 based on audit objections, adding waiver of principal amount and revising book profit. Tribunal dismissed Revenue's appeal citing tax effect. CIT (A) allowed assessee's appeal, quashing audit objection merged into CIT (A) order. Tribunal dismissed Revenue's Miscellaneous Application, stating appeal not due to audit objection acceptance. Case not falling under CBDT Circular No. 3/2018 exceptions. High Court = HC. en-us Tue, 13 Aug 2024 07:08:15 +0530 Tue, 13 Aug 2024 07:08:15 +0530 TaxTMI RSS Generator AO corrected mistake under sec 154 due to audit objections. Tribunal upheld assessee's appeal. Revenue's appeal dismissed. https://www.taxtmi.com/highlights?id=80397 Rectification of mistake u/s 154 - AO issued notice u/s 154 based on audit objections, adding waiver of principal amount and revising book profit. Tribunal dismissed Revenue's appeal citing tax effect. CIT (A) allowed assessee's appeal, quashing audit objection merged into CIT (A) order. Tribunal dismissed Revenue's Miscellaneous Application, stating appeal not due to audit objection acceptance. Case not falling under CBDT Circular No. 3/2018 exceptions. High Court = HC. Highlights Income Tax Tue, 13 Aug 2024 07:08:15 +0530 https://www.taxtmi.com/highlights?id=80397