https://www.taxtmi.com/caselaws?id=761657 ITAT Cochin dismissed the appeal regarding inclusion of sale value of old rubber trees in book profit computation under section 115JB. The Kerala HC had previously ruled against the assessee for assessment years 1997-2001, holding that sale proceeds of old rubber trees must be included in book profit calculations. Despite the assessee's pending SC appeal, ITAT held the HC decision remains binding. The AO properly invoked section 154 to rectify the mistake of excluding these proceeds, as non-consideration of judicial precedent constituted an apparent error requiring correction. en-us Tue, 12 Nov 2024 00:00:00 +0530 Wed, 13 Nov 2024 17:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761657 ITAT Cochin dismissed the appeal regarding inclusion of sale value of old rubber trees in book profit computation under section 115JB. The Kerala HC had previously ruled against the assessee for assessment years 1997-2001, holding that sale proceeds of old rubber trees must be included in book profit calculations. Despite the assessee's pending SC appeal, ITAT held the HC decision remains binding. The AO properly invoked section 154 to rectify the mistake of excluding these proceeds, as non-consideration of judicial precedent constituted an apparent error requiring correction. Case-Laws Income Tax Tue, 12 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761657