https://www.taxtmi.com/caselaws?id=57367 The Tribunal held that the Income Tax Officer (ITO) was justified in rectifying the original assessment order under section 154 of the Income-tax Act, 1961, by including the enhanced compensation for computing capital gain. The Tribunal found that section 155(7A) applied to the assessment year 1972-73 despite being inserted with retrospective effect from 1-4-1974. Additionally, the rectification order dated 27-2-1979 was deemed valid as it fell within the permissible four-year period from the date of the District Judge's order enhancing compensation. The Tribunal allowed the appeal, reversing the Commissioner (Appeals) decision and restoring the ITO's order. en-us Tue, 22 Mar 1983 00:00:00 +0530 Thu, 09 Dec 2010 17:48:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57367 The Tribunal held that the Income Tax Officer (ITO) was justified in rectifying the original assessment order under section 154 of the Income-tax Act, 1961, by including the enhanced compensation for computing capital gain. The Tribunal found that section 155(7A) applied to the assessment year 1972-73 despite being inserted with retrospective effect from 1-4-1974. Additionally, the rectification order dated 27-2-1979 was deemed valid as it fell within the permissible four-year period from the date of the District Judge's order enhancing compensation. The Tribunal allowed the appeal, reversing the Commissioner (Appeals) decision and restoring the ITO's order. Case-Laws Income Tax Tue, 22 Mar 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57367