1980 (5) TMI 90 - AT - Income Tax

Summary

The Appellate Tribunal ITAT Pune dismissed two Deptl. appeals against the orders of AAC cancelling ITO's order u/s 154. The ITO rectified the original assessment regarding the income from a newly constructed house property. The AAC cancelled the ITO's orders based on the existence of different opinions on the applicability of the relevant provisions. The Tribunal upheld the AAC's decision, stating that there are multiple interpretations possible, and dismissed the Deptl. appeals. (Case: 1980 (5) TMI 90 - ITAT Pune)