Sunday 12 July 2015

Grant of sec. 10B exemption on interest on FD is a mistake apparent from record; rectification allow

IT : Where interest earned by assessee from deposits with bank, electricity board and on staff advances did not have direct or immediate nexus with its business undertaking, grant of interest under section 10B was a mistake apparent from record and, hence, intimation under section 143(1) was rectifiable under section 154

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