https://www.taxtmi.com/caselaws?id=760139 ITAT Chennai upheld CIT(A)'s rectification order u/s 154 regarding a club's interest income taxability. The assessee club claimed interest income from investments was exempt under mutuality principles, but failed to establish this claim before AO despite a 10-year-old Madras HC order in their favor. ITAT found the club's belated claim before CIT(A) was an afterthought without supporting evidence. The tribunal ruled CIT(A) correctly rectified the apparent mistake by considering the binding HC precedent, making the interest income taxable after allowing 10% deduction for administrative expenses. Appeals dismissed. en-us Wed, 21 Aug 2024 00:00:00 +0530 Wed, 16 Oct 2024 11:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760139 ITAT Chennai upheld CIT(A)'s rectification order u/s 154 regarding a club's interest income taxability. The assessee club claimed interest income from investments was exempt under mutuality principles, but failed to establish this claim before AO despite a 10-year-old Madras HC order in their favor. ITAT found the club's belated claim before CIT(A) was an afterthought without supporting evidence. The tribunal ruled CIT(A) correctly rectified the apparent mistake by considering the binding HC precedent, making the interest income taxable after allowing 10% deduction for administrative expenses. Appeals dismissed. Case-Laws Income Tax Wed, 21 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760139