Court Rules Tribunal Erred in Allowing Rectification Petition for Penalty Imposed Under Incorrect Section of Income Tax Act.

Rectification of mistake u/s 254 - Penalty is levied in the instant case under Section 271(1)(i)(a) of the Act (as it then stood), while the explanation applies to the cases covered by Section 271(1)(i)(b) of the Act (as it then stood). Viewed in the above light also, we are of the view that the rectification petition could not have been allowed by the Tribunal. - HC .....

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