2016 (5) TMI 1525

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.... R.Meenakshisundaram, ITP For the Respondent : Dr. B.Nischal, JCIT ORDER Per A. Mohan Alankamony, AM:- This appeal is filed by the Revenue aggrieved by the order of the learned Commissioner of Income Tax, Appeals(C)-II, Chennai dated 31.01.2014 in ITA.No.350/13- 14 passed under section 154 r.w.s.250(6) of the Act. 2. The Revenue in its appeal has raised three elaborate grounds, howe....

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....he provisions of section 154 of the Act and after giving due opportunity to the assessee disallowed Rs. 1,43,49,093/- being the CENVAT payment made to the Central Excise department which was debited in the profit and loss account of the assessee. While doing so, the learned Assessing Officer observed in his order that the input credit on capital goods was not the payment made during the relevant a....

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....ification of mistakes which are apparent or patent on the face of the record but not in respect of an issue which is debatable. I agree with the contention of the appellant that the disallowance made by the Assessing Officer under section 36(1)(vii) cannot be made citing it to be a mistake apparent from record. The disallowance made by the Assessing Officer therefore is directed to be deleted. The....

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.... assessee. Therefore, the assessee was justified in writing off the same during the relevant assessment year. The learned Authorized Representative further submitted that the issue is debatable and cannot be rectified by invoking the provisions of section 154 of the Act because rectification of mistake under section 154 is only permissible for rectifying any mistake that is apparent on record. It ....