https://www.taxtmi.com/caselaws?id=60390 The Appellate Tribunal ITAT CALCUTTA-C allowed the appeals filed by the assessee concerning the disallowance of interest paid to a partner in different capacities for the assessment years 1971-72 to 1975-76. The Tribunal held that the issue was debatable, aligning with the legal principle that Section 154 of the Income Tax Act, 1961, cannot rectify matters involving divergent legal opinions. The Tribunal emphasized the need for clear errors rather than debatable legal points for rectification under Section 154, ruling in favor of the assessee. en-us Fri, 29 Feb 1980 00:00:00 +0530 Wed, 05 Jan 2011 11:21:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60390 The Appellate Tribunal ITAT CALCUTTA-C allowed the appeals filed by the assessee concerning the disallowance of interest paid to a partner in different capacities for the assessment years 1971-72 to 1975-76. The Tribunal held that the issue was debatable, aligning with the legal principle that Section 154 of the Income Tax Act, 1961, cannot rectify matters involving divergent legal opinions. The Tribunal emphasized the need for clear errors rather than debatable legal points for rectification under Section 154, ruling in favor of the assessee. Case-Laws Income Tax Fri, 29 Feb 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60390