Under which of the following situations, the appellate tribunal can rectify the mistake in the order passed by it Under Section 254 (2) of Income Tax Act?
1. If subsequent decision of the Supreme Court/High Court is available on the subject after the appellate tribunal's order.
2. If an assessee apply for rectification of the tribunal's order by raising fresh grounds before the tribunal.
3. If the omission or mistake is on the part of appellate tribunal.
4. If the order is passed by the appellate tribunal under an erroneous impression of fact or law.
Select the correct answer:
A. 1, 2 and 3
B. 2, 3 and 4
C. 1, 3 and 4
D. Both 3 and 4
Answer: Option C
Related Questions on Income Tax and Corporate Tax
A. 3, 4 and 5
B. 2, 4 and 5
C. 1, 2 and 3
D. 1, 3 and 5
Entertainment allowance for non-government employees are:
A. Fully exempted
B. Fully taxable
C. Partially taxable
D. Fully exempted in specified
E. Partially exempted in selected areas
In tax laws, donation to approved and notified association for scientific research is allowed as:
A. 125% of the donation
B. 100% of the donation
C. 175% of the donation
D. 150% of the donation
A. Both the Statements (I) and (II) are correct
B. Statement (I) is correct, but (II) is incorrect
C. Both Statements (I) and (II) are incorrect
D. Statement (II) is correct, but (I) is incorrect
Join The Discussion