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of 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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