https://www.taxtmi.com/caselaws?id=766838 The HC allowed the appeal challenging the Tribunal's rejection of a Section 154 rectification application. The assessee sought rectification for AY 1997-98 claiming deduction for surcharge payment of Rs. 65,22,000/- made in FY 1996-97. The Tribunal erroneously rejected the claim stating it should have been made in the original return and that payment verification was lacking. The HC held that Section 154 applies to legitimate omitted claims, records include books of accounts from relevant years, and the AO should have examined the claim on merits. The court verified payment through ledger accounts and set aside the Tribunal's order as misconceived. en-us Thu, 21 Nov 2024 00:00:00 +0530 Wed, 05 Mar 2025 07:49:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766838 The HC allowed the appeal challenging the Tribunal's rejection of a Section 154 rectification application. The assessee sought rectification for AY 1997-98 claiming deduction for surcharge payment of Rs. 65,22,000/- made in FY 1996-97. The Tribunal erroneously rejected the claim stating it should have been made in the original return and that payment verification was lacking. The HC held that Section 154 applies to legitimate omitted claims, records include books of accounts from relevant years, and the AO should have examined the claim on merits. The court verified payment through ledger accounts and set aside the Tribunal's order as misconceived. Case-Laws Income Tax Thu, 21 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766838