2017 (5) TMI 158

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....143 (1) of the Act and a demand of Rs. 25. 96 lakhs was raised. ITA/3701/Mum/2015: 2. After receiving the order, the assessee filed a rectification application, u/s. 154 of the Act, on 22/ 10/2008. On 09/01/2012, the assessee filed second rectification application. In both applications it contended that in the competition of income the assessee had disclosed gross total income at Rs. 78. 93 lakhs and the net taxable income of rupees net after setting off brought forward business loss and appreciation, that in the return by mistake it had shown income of Rs. 78, 93, 351/-, that it was a technical error which could have been rectified by the AO u/s. 154 of the Act, that it was a mistake apparent from record, that it had filed all the releva....

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....s Private Ltd. Ahmedabad Keiser E Hind Mills Co. Ltd. (supra). The Departmental Representative (DR) supported the order of the FAA. 5. We have heard the rival submissions and perused the material before us. We find that the assessee had filed a return of income declaring total income of Rs. 78. 93 lakhs, that in the statement of income it had claimed that income for the year under appeal was nil, that brought forward losses and depreciation resulted in showing nil income in the computation, that the return was processed u/s. 143 (1) of the Act, that the assessee filed to rectification applications before the AO, that the AO rejected the claim made by the assessee, that the FAA confirmed the order of the AO holding that there was no scope f....