https://www.taxtmi.com/caselaws?id=58854 The Tribunal allowed the department's application for rectification under section 254(2) of the Income-tax Act, 1961, based on a retrospective amendment by the Finance Act, 1980. The liability of Rs. 31.8 lakhs was excluded from the capital employed, in line with the amendment. The Tribunal rejected the argument that rectification should follow a previous Special Bench decision and clarified that pending reference to the High Court did not prevent rectification. The application was partly allowed, amending the original order of the Tribunal. en-us Fri, 22 Mar 1985 00:00:00 +0530 Wed, 22 Dec 2010 15:05:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58854 The Tribunal allowed the department's application for rectification under section 254(2) of the Income-tax Act, 1961, based on a retrospective amendment by the Finance Act, 1980. The liability of Rs. 31.8 lakhs was excluded from the capital employed, in line with the amendment. The Tribunal rejected the argument that rectification should follow a previous Special Bench decision and clarified that pending reference to the High Court did not prevent rectification. The application was partly allowed, amending the original order of the Tribunal. Case-Laws Income Tax Fri, 22 Mar 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58854