https://www.taxtmi.com/caselaws?id=58916 The Tribunal upheld the Assessing Officer's adjustment under section 143(1)(a) in a case concerning the sequence of deductions under sections 53, 54, and 48(2) for long-term capital gains. The Explanation below section 53, inserted by the Finance Act, 1987, clarified the correct sequence of deductions. The Tribunal ruled that the Assessing Officer's correction aligned with statutory requirements, emphasizing the non-debatable nature of the adjustment rectifying a legal mistake. The appeal was dismissed, affirming the importance of complying with statutory provisions in computing capital gains and deductions. en-us Wed, 11 May 1994 00:00:00 +0530 Wed, 22 Dec 2010 17:50:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58916 The Tribunal upheld the Assessing Officer's adjustment under section 143(1)(a) in a case concerning the sequence of deductions under sections 53, 54, and 48(2) for long-term capital gains. The Explanation below section 53, inserted by the Finance Act, 1987, clarified the correct sequence of deductions. The Tribunal ruled that the Assessing Officer's correction aligned with statutory requirements, emphasizing the non-debatable nature of the adjustment rectifying a legal mistake. The appeal was dismissed, affirming the importance of complying with statutory provisions in computing capital gains and deductions. Case-Laws Income Tax Wed, 11 May 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58916