Imported seaweed extract provisionally released on bond only; declaratory rejection set aside; appellate decision due within section 128-A(4-A) three ...
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ITAT allowed the appeal of the assessee and deleted the addition made u/s 44AD. The assessee had originally filed a return including income that actually belonged to another person due to an error by the tax consultant. Upon realizing the mistake, the assessee filed a revised computation declaring substantially higher correct income and paid the due taxes. Despite this, the AO and CIT(A) retained the disputed sum as additional income of the assessee. ITAT held that the mistake was bona fide, that tax authorities are obliged to assess only legitimate tax on correct income, and that the AO had failed in this duty. Consequently, the impugned addition of Rs. 2,55,016/- was held unsustainable and ordered to be deleted.
ITAT allowed the appeal of the assessee and deleted the addition made u/s 44AD. The assessee had originally filed a return including income that actually belonged to another person due to an error by the tax consultant. Upon realizing the mistake, the assessee filed a revised computation declaring substantially higher correct income and paid the due taxes. Despite this, the AO and CIT(A) retained the disputed sum as additional income of the assessee. ITAT held that the mistake was bona fide, that tax authorities are obliged to assess only legitimate tax on correct income, and that the AO had failed in this duty. Consequently, the impugned addition of Rs. 2,55,016/- was held unsustainable and ordered to be deleted.
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