2010 (11) TMI 74

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.... of the Act and, after adjustment, the loss was determined at Rs. 65,89,492/-. The assessing authority demanded additional tax at Rs. 45,434/-. The assessee moved an application under Section 154 of the Act disputing the demand of additional tax and sought rectification in the order passed under Section 143(1)(a) of the Act. The assessing authority, vide order dated 30.9.1992, rejected the application.   Being aggrieved by the aforesaid order, the assessee-respondent filed appeal before the Commissioner of Income Tax (Appeals), Bareilly (the CIT (Appeals)). The CIT (Appeals), vide order dated 5.3.1993, allowed the appeal and deleted the demand of additional tax.   Being aggrieved by the order of the CIT (Appeals), the revenu....

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....rn, after adjustment of any tax deducted at source, any advance tax paid and any amount paid otherwise by way of tax or interest, then, without prejudice to the provisions of sub-section (2), an intimation shall be sent to the assessee specifying the sum so payable, and such intimation shall be deemed to be a notice of demand issued under section 156 and all the provisions of this Act shall apply accordingly; and   (ii) if any refund is due on the basis of such return, it shall be granted to the assessee :   Provided that in computing the tax or interest payable by, or refundable to, the assessee, the following adjustments shall be made in the income or loss declared in the return, namely :   (i) any arithmetical err....

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....ss amount and specify the additional income-tax in the intimation to be sent under sub-clause (i) of clause (a) of sub-section (1) ;   (ii) where any refund is due under sub-section (1), reduce the amount of such refund by an amount equivalent to the additional income-tax calculated under sub-clause (I)."   Sub-section (1A) was amended by the Finance Act, 1993, with effect from April 1, 1989, which was the date upon which sub-section (1A) had been introduced into the Act. The substituted sub-section (1A) read thus :   "(1A)(a) Where as a result of the adjustments made under the first proviso to clause (a) of sub-section (1),-   (i)the income declared by any person in the return is increased ; or   (ii....