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2011 (12) TMI 296 - MADRAS HIGH COURTRectification of mistake - Assessee engaged in running educational institute - Advanced to P.V RAvi (Managing Trust) - Violation of Section 13 exemption denied under Sec 11 - Tribunal: Assessee paid huge interest on borrowing amount and has given an interest free loan further in the absence of any agreement, it has to be held that it was in violation of the said section - Tribunal reviewed its order under 254(2) considering it as mistake apparent from record - Revenue aggrieved by said order is in appeal - Held That:- Section 254(2) of the Act has been enacted not only to safeguard the interest of the assessee but also to enable the Tribunal to rectify the error apparent on the face of the record. Therefore, we see no reason to interfere with the order under challenge. Decided against revenue.
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