Commissioner Of Income-Tax vs South India Bank Ltd.

The Supreme Court dismissed the Revenue's appeals against the High Court's decision, affirming that the Tribunal was correct in cancelling the rectification order under Section 154 of the Income-tax Act, 1961. The Court held that the issue regarding the deductibility of interest paid for broken periods was debatable, and thus, the assessing authority could not invoke Section 154 for rectification. The Court refrained from expressing any opinion on the principal issue at hand.