2002 (9) TMI 35 - HC - Income Tax

(i) Whether on the facts and in the circumstances of the case the Tribunal was right in confirming the action of the Assessing Officer in rejecting section 154 petition in spite of the background that section 154 petition was filed against section 143(1) intimation ? - (ii) Whether on the facts and in the circumstances of the case the Tribunal was right in confirming the action of the Assessing Officer in charging maximum marginal rate of tax in spite of income under the head Business was loss ? - The first question referred to us is answered in favour of the Revenue. The second question is returned as unanswered in view of the answer to the first question.

Summary

The High Court of Madras upheld the decision of the Tribunal regarding the rejection of a section 154 petition related to tax assessment of a trust with business loss. The Tribunal considered the interpretation of section 161(1A) as debatable and ruled that section 154 could not be used to address it. The court ruled in favor of the Revenue on the first question and left the second question unanswered based on the first question's answer.