https://www.taxtmi.com/caselaws?id=58180 Rectification under section 13 of the Companies (Profits) Surtax Act could be maintained where the application was filed within time, because the authority's failure to dispose of it promptly did not defeat the right to seek rectification. The doctrine of merger operated only in respect of the matters actually considered in appeal, so it did not bar a fresh claim for exclusion of interest income under rule 1(x) of the First Schedule when that point had not been decided earlier. On the record, interest from Indian banks and Indian parties was excludible, so the rectification was valid to that extent. Interest from the First National City Bank was not excludible, as it was not from an Indian concern. en-us Thu, 28 Apr 1988 00:00:00 +0530 Fri, 17 Dec 2010 17:10:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58180 Rectification under section 13 of the Companies (Profits) Surtax Act could be maintained where the application was filed within time, because the authority's failure to dispose of it promptly did not defeat the right to seek rectification. The doctrine of merger operated only in respect of the matters actually considered in appeal, so it did not bar a fresh claim for exclusion of interest income under rule 1(x) of the First Schedule when that point had not been decided earlier. On the record, interest from Indian banks and Indian parties was excludible, so the rectification was valid to that extent. Interest from the First National City Bank was not excludible, as it was not from an Indian concern. Case-Laws Income Tax Thu, 28 Apr 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58180