2010 (10) TMI 99

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.... The present appeal has been filed under Section 260A of Income Tax Act, 1961 (for brevity, "Act") challenging the order dated 22nd June, 2009 passed by the Income Tax Appellate Tribunal (in short "Tribunal") in ITA No. 1847/Del/2008, for the Assessment Year 2004- 2005. 2. Briefly stated the relevant facts of the present case are that the respondent-assessee filed a return declaring income of R....

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....f Rs. 68,039/- only was towards provision. However, the AO added the entire amount of Rs. 39.28 lacs to the income of the respondent-assessee 7. Though neither the notices dated 05th February, 2007 and 13th July, 2007 under Section 154 of the Act nor the AO's order dated 19thJuly, 2007 have been placed on record, yet from the CIT(A)'s and Tribunal's order it is apparent that the AO had added an....

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....he correct law to a set of facts can be corrected by way of a rectification under Section 154 of the Act. In fact, the Supreme Court in the case of MEPCO Industries Ltd. Vs. Commissioner of Income Tax and Another (2009) 319 ITR 208 (SC) has held that the right to rectify mistakes under Section 154 of the Act cannot be invoked in case of change of opinion. A rectifiable mistake is a mistake which i....