https://www.taxtmi.com/caselaws?id=760255 Excise duty and service tax recovered by the assessee were credited to separate ledger accounts, with corresponding payments debited in those accounts; on that accounting treatment, the levies were excluded from turnover for the lower corporate tax rate. Relying on the guidance note under section 44AB, the turnover fell below the threshold for the higher rate, making rectification under section 154 maintainable on that basis. The assessing officer was directed to apply the 25% tax rate instead of 30%. en-us Tue, 27 Aug 2024 00:00:00 +0530 Fri, 18 Oct 2024 09:14:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760255 Excise duty and service tax recovered by the assessee were credited to separate ledger accounts, with corresponding payments debited in those accounts; on that accounting treatment, the levies were excluded from turnover for the lower corporate tax rate. Relying on the guidance note under section 44AB, the turnover fell below the threshold for the higher rate, making rectification under section 154 maintainable on that basis. The assessing officer was directed to apply the 25% tax rate instead of 30%. Case-Laws Income Tax Tue, 27 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760255