Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
The ITAT allowed the appeal of the assessee, holding that the error of double addition of income tax provision in the computation of total income was a mistake apparent from the record, rectifiable under section 154 of the Act. The Tribunal found that the mistake was purely arithmetical, evident from the return and accompanying documents, resulting in taxation of an amount not actually earned. It held that the CIT(A) erred in rejecting the rectification on the ground that the mistake arose from the revised return and directing the assessee to seek relief under section 119(2)(b), which was inapplicable. The AO was directed to rectify the total income by excluding Rs. 7,40,474 and recompute the income accordingly, granting consequential relief including refund and interest as per law.
The ITAT allowed the appeal of the assessee, holding that the error of double addition of income tax provision in the computation of total income was a mistake apparent from the record, rectifiable under section 154 of the Act. The Tribunal found that the mistake was purely arithmetical, evident from the return and accompanying documents, resulting in taxation of an amount not actually earned. It held that the CIT(A) erred in rejecting the rectification on the ground that the mistake arose from the revised return and directing the assessee to seek relief under section 119(2)(b), which was inapplicable. The AO was directed to rectify the total income by excluding Rs. 7,40,474 and recompute the income accordingly, granting consequential relief including refund and interest as per law.
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