ITAT affirmed that the AO validly invoked s.154 to correct an...

ITAT affirmed that the AO validly invoked s.154 to correct an apparent error and increase the domestic company tax rate from 29% to 30% where the assessee was incorporated on 02.08.2016 and therefore had no turnover in PY 2014-15; Paragraph E( i ) of the First Schedule to the Finance Act, 2017 (29% concessional rate) applies only to domestic companies existing in PY 2014-15 with turnover ≤ Rs.5 crore, whereas the assessee falls within clause (ii) prescribing 30%. The Tribunal upheld the CIT(A)'s conclusion and dismissed the assessee's grounds, rejecting the analogy to prior-year turnover and finding the s.143(3) figure of 29% to be an obvious record error corrected lawfully under s.154.

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