Section 154 of Income-Tax Act, 1961

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Section 154 of Income-Tax Act, 1961 deals with Rectification of mistake

Related Cases

  • April 2011: Where MAT assessment u/s 115JA is completed based on profits taken from P&L Appropriation A/c, it is an apparent mistake which could be rectified in proceedings u/s 154. AO has to start assessment u/s 115JA by adopting the profit available in the P&L A/c prepared in terms of Parts II and III of Schedule VI of the Companies Act; and if the assessee has made a claim of deduction from this profit not enumerated in clauses (i) to (ix) covered by Explanation to section 115JA, the assessment so completed based on the profit taken from the P&L Appropriation A/c submitted by assessee happens to be an apparent mistake which could be rectified in proceedings to be initiated u/s 154 [Section 154 of the Income-tax Act, 1961 – Rectification of mistake – Apparent from record] - [2011] 10-197 (Ker.)

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