2011 (8) TMI 1249

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....i Mahavir Singh, JM This appeal of assessee is directed against order of CIT(A)-XX, Kolkata in Appeal No.95-A/CIT(A)-XX/Wd-34(1)/08-09/Kol dated 18.10.2010. Return was processed u/s 143(1) of Income Tax Act, 1961 (hereinafter referred to as "the Act") on 19.01.2007 by Assessing Officer. The impugned rectification order was passed by I.T.O. Ward-34(1), Kolkata u/s 154 of the Act for relevant ass....

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....case the CIT(A) had grossly erred in not holding/appreciating the fact that the AO was unjustified in treating the business income of the appellant earned from short deposits of surplus money as other source income and the AO further erred in considering/treating the income from share transaction by reducing such income by total expenses without disallowing STT and donation and thus erred in wrong....

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....culate the same. The Ld. Counsel for assessee, at the outset, stated that the issue is highly debatable and for this jurisdictional argument he stated that the AO has no power u/s 154 of the Act to recompute rebate u/s 88E of the Act, which is highly debatable and even though, on merits, Assessing Officer rightly allowed in his intimation u/s 143(1) of the Act. The Assessing Officer as well as CIT....

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.... submitted that the issue was debatable and so, no rectification could be made u/s 154. The Ld.AR did not argue on the merit of the issue. I do not find merit in the contentions of the appellant. That claim of expenses @30% against income from other sources is arbitrary and certainly not supported by any material on record. I do not agree with the ld. AR that the issue is debatable. The claim of t....