https://www.taxtmi.com/caselaws?id=60149 The ITAT upheld the CIT(A)'s decision, ruling that the receipt was not taxable under sections 28, 56, or 176(4) of the Income-tax Act, 1961, based on precedents from the Calcutta HC and the SC. The Tribunal found that the Assessing Officer had jurisdiction under section 154(2)(b) to rectify the mistake, as it was brought to notice by the assessee. The Tribunal concluded that the CIT(A) correctly directed the Assessing Officer to reconsider the rectification petition, dismissing the revenue's appeal and affirming the CIT(A)'s order. en-us Fri, 02 Sep 2005 00:00:00 +0530 Sat, 20 Apr 2024 09:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60149 The ITAT upheld the CIT(A)'s decision, ruling that the receipt was not taxable under sections 28, 56, or 176(4) of the Income-tax Act, 1961, based on precedents from the Calcutta HC and the SC. The Tribunal found that the Assessing Officer had jurisdiction under section 154(2)(b) to rectify the mistake, as it was brought to notice by the assessee. The Tribunal concluded that the CIT(A) correctly directed the Assessing Officer to reconsider the rectification petition, dismissing the revenue's appeal and affirming the CIT(A)'s order. Case-Laws Income Tax Fri, 02 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60149