Section 154 Rectification Allowed Despite Pending Appeal: Bombay HC

Piramal Investment Opportunities Fund Vs ACIT (Bombay High Court) In a significant ruling, the Bombay High Court has held that an application for rectification of an income tax order under Section 154 of the Income Tax Act, 1961 is maintainable even if an appeal challenging the same order is pending before the Commissioner of Income Tax (Appeals) [CIT(A)] under Section 250 of the Act. The court’s decision came in the case of Piramal Investment Opportunities Fund versus Assistant Commissioner of Income Tax (ACIT). The case revolved around the assessment of Piramal Investment Opportunities...