https://www.taxtmi.com/caselaws?id=761099 The HC dismissed the revenue's appeal regarding a rectification application under Section 154. The court held that the AO has wide powers to amend orders and correct mistakes, including misinterpretation of law relating to MAT liability calculations under Sections 115J and 115JB. The ITAT had found an inadvertent mistake in deductions from book profits occurred due to misinterpretation, which could be rectified under Section 154. The court confirmed no new facts were introduced to the books of accounts, and mistakes arising from legal misinterpretation in ITR submission are correctable through rectification provisions. en-us Fri, 02 Aug 2024 00:00:00 +0530 Tue, 05 Nov 2024 14:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761099 The HC dismissed the revenue's appeal regarding a rectification application under Section 154. The court held that the AO has wide powers to amend orders and correct mistakes, including misinterpretation of law relating to MAT liability calculations under Sections 115J and 115JB. The ITAT had found an inadvertent mistake in deductions from book profits occurred due to misinterpretation, which could be rectified under Section 154. The court confirmed no new facts were introduced to the books of accounts, and mistakes arising from legal misinterpretation in ITR submission are correctable through rectification provisions. Case-Laws Income Tax Fri, 02 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761099