The Appellate Tribunal upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s exercise of suo moto...

The Appellate Tribunal upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s exercise of suo moto power u/s 154 to rectify their earlier order. The CIT(A) had not considered the Supreme Court's ratio decidendi in Saurashtra Kutch Stock Exchange Ltd., which amounts to a mistake apparent on record. The assessee club claimed interest income as non-taxable based on mutuality principles, but the Assessing Officer rejected this claim after allowing 10% deduction for expenses. The Tribunal found the assessee did not raise this claim before the AO or CIT(A) initially, nor provide evidence to substantiate their case aligning with the Bangalore Club judgments. Therefore, the AO rightly moved for rectification before CIT(A) in light of the Madras..... .....

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