https://www.taxtmi.com/caselaws?id=49436 Rectification power under the income-tax law cannot be used to preserve a fundamentally erroneous assessment by making consequential adjustments. The assessment had wrongly treated a firm as the shareholder, although the shares stood in the names of individual partners; the dividend grossing-up benefit and tax credit attached only to the registered shareholder. Because the rectification proceedings merely sought to sustain the original mistake in a modified form, rather than correct an apparent error on the record, the invocation of rectification was not sustainable. en-us Tue, 27 Feb 1962 00:00:00 +0530 Wed, 27 Aug 2014 12:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49436 Rectification power under the income-tax law cannot be used to preserve a fundamentally erroneous assessment by making consequential adjustments. The assessment had wrongly treated a firm as the shareholder, although the shares stood in the names of individual partners; the dividend grossing-up benefit and tax credit attached only to the registered shareholder. Because the rectification proceedings merely sought to sustain the original mistake in a modified form, rather than correct an apparent error on the record, the invocation of rectification was not sustainable. Case-Laws Income Tax Tue, 27 Feb 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49436