https://www.taxtmi.com/caselaws?id=58747 The tribunal dismissed the appeal, upholding the Income Tax Officer's rectification under section 154 regarding the disallowance calculation for a bonus paid to an employee director under section 40A(5) for the assessment year 1972-73. The rectification was deemed valid as it corrected a mistake apparent on the record, affirming the initial assessment's application of section 40A(5) for the disallowance, rather than section 40(c) as argued by the assessee. The tribunal found the rectification timely and within the limitation period, ultimately affirming the decision in favor of the tax authority. en-us Sat, 29 Jan 1983 00:00:00 +0530 Tue, 21 Dec 2010 17:56:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58747 The tribunal dismissed the appeal, upholding the Income Tax Officer's rectification under section 154 regarding the disallowance calculation for a bonus paid to an employee director under section 40A(5) for the assessment year 1972-73. The rectification was deemed valid as it corrected a mistake apparent on the record, affirming the initial assessment's application of section 40A(5) for the disallowance, rather than section 40(c) as argued by the assessee. The tribunal found the rectification timely and within the limitation period, ultimately affirming the decision in favor of the tax authority. Case-Laws Income Tax Sat, 29 Jan 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58747