https://www.taxtmi.com/caselaws?id=38542 Additional surcharge was held leviable on a co-operative society's exempt business income under the Finance Act, 1963, because the charging provision extended to residual income and the later Supreme Court interpretation of the same scheme was applied; the issue was decided for the Revenue. Rectification under section 154 was refused because the alleged error depended on a debatable construction of the taxing provision, and section 154 is confined to obvious, patent mistakes not requiring detailed reasoning or open to two reasonable views; this issue was decided for the assessee. The reference was thus answered by upholding the surcharge in principle but denying rectification. en-us Tue, 06 Apr 1976 00:00:00 +0530 Wed, 07 Apr 2010 11:33:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38542 Additional surcharge was held leviable on a co-operative society's exempt business income under the Finance Act, 1963, because the charging provision extended to residual income and the later Supreme Court interpretation of the same scheme was applied; the issue was decided for the Revenue. Rectification under section 154 was refused because the alleged error depended on a debatable construction of the taxing provision, and section 154 is confined to obvious, patent mistakes not requiring detailed reasoning or open to two reasonable views; this issue was decided for the assessee. The reference was thus answered by upholding the surcharge in principle but denying rectification. Case-Laws Income Tax Tue, 06 Apr 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38542