2015 (11) TMI 984

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....the appellant. P. Murali Mohan Rao for the respondent. ORDER The order of the Bench was delivered by 1. Saktijit Dey (Judicial Member).-This appeal of the Department is directed against the order dated December 31, 2013 of the learned Commissioner of Income-tax (Appeals)-V, Hyderabad pertaining to the assessment year 2006-07. 2. The only effective ground raised by the Department is ....

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....mounting to Rs. 92,85,891, issued a notice under section 154 of the Act to rectify the mistake in the assessment order. As observed by the Assessing Officer, in spite of such notice since no one appeared on behalf of the assessee and submitted any explanation, the Assessing Officer presuming that the assessee has no objection to rectify the mistake, passed an order under section 154 of the Act on ....

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....assed under section 154 of the Act to be invalid and accordingly cancelled the same. The learned Commissioner of Income-tax (Appeals) observed that the mistake pointed by the Assessing Officer cannot be considered as a mistake apparent from record as it is a debatable issue on which more than one opinion are possible. 5. We have considered the submissions of the parties and perused the material....

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....5-06 after the due date as prescribed under section 139(1) of the Act, hence, no loss can be carried forward, the Assessing Officer initiated proceeding under section 154 of the Act and ultimately passed the order disallowing the set off of brought forward loss of Rs. 92,85,891. In our view the exercise of power under section 154 of the Act in the present case is totally invalid. As can be seen, t....