TaxTMI 
TaxTMI 
2015 (6) TMI 1118
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....rder of ITO, CPC Bangalore u/s 154 dt.28.01.2011 who held that no mistake apparent from record has taken place in not carrying forward in intimation made u/s.143(1) dt. 10.05.2010 the loss in F&O business incurred by the appellant during the year of Rs. 20,37,162/- and shown by her in her Return of Income filed within the time provided u/s.139(1) of Income Tax Act. b) observing that since Rs.'Nil' is mentioned in Entry 43 of Part A - P&L, the same figure of RS.Nil should be taken to Part B - IT Entry A-1 and not loss of Rs. 20,37,162/- shown by the appellant especially since everywhere in the E-Return the appellant has given clear details to carry forward loss. c) failing to comprehend the huge complexity in the ne....
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....also made in Schedule - BP at page-11 of the paper book, wherein again in the computation of income from "business or profession" this amount of Rs.(-) 20,37,162/- is mentioned at three places. Thus, it is case of the assessee that it is only a mistake in filling item No.43, which was taken into account by processing the return and the income of the assessee was processed at nil in place of a loss of Rs. 20,37,162/-. It was submitted that assessee had also subsequently filed revised return electronically on 5/3/2011, copy of which was also placed on our record in which the said mistake was corrected i.e. filling column No.43 at page-5 of the return, wherein loss was clearly stated at Rs. 20,37,162/-. 3. Subsequent to filing original retu....
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...., Bangalore 560100 Dear Sir, Re: Jigna Dharmendra Upadhyay PAN: AAGPGU 3104K ASST YEAR : 2009-10 Communication Ref : No.CPC/0910/14/1000160589 SUB: Request for rectification u/s. 154. Our above referred client is in receipt of intimation u/s 143 (1) issued by your office. On scrutinizing the same it is noticed that while computing the income u/s 143 (1) loss under the head 'Income from Business or profession' amounting to Rs. 20,37,162/- is neither considered nor allowed to be carried forward. We are enclosing herewith the computation of income to bring home the point elaborately. You will appreciate that the loss under the head "Income from Busine....
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....tified. Therefore, your application for Rectification under Sec. 154 is rejected for the following reasons (if any). Income correctly computed as per schedule Part-A P&L and BP of the Income Tax Return. Column-43 of Schedule P&L account has to be taken in column-1 of Sch BP. Schedule P&L and Sch BP not properly filed for claim of loss. 4. Aggrieved assessee filed an appeal before Ld. CIT(A) who has referred to the provisions of section 143(1) which was amended w.e.f. 1/4/2008 and according to the said provision, in the intimation issued under section 143(1) only following mistakes could be rectified. "a. Any arithmetical error in the return; or b. An incorrect claim, if such in correct claim is apparent from an....
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....certained that it was only an inadvertent mistake on the part of the assessee while filing the return by electronic mode. It was submitted that assessee had also filed a revised return within prescribed time for which also no cognizance has been taken. Thus, it was submitted by Ld. AR that appropriate relief should be given to the assessee. 6. Ld. DR on the other hand, relied upon the order passed by Computerized Processing Centre and Ld. CIT(A). 7. We have heard both the parties and their contentions have carefully been considered. The assesee with the help of copy of original return filed electronically has been able to demonstrate that it was a mistake apparent from record. Provisions of section 143(1)(a) of the Act permits the fol....