2021 (3) TMI 213

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.... "1. On the facts and the circumstances of the case and in law, the Learned Commissioner of Income -tax (Appeals) has erred in upholding the stand of the Assessing Officer of not reducing gain of Rs. 69,69,260/- on account of sale of agricultural land. 2. On the facts and the circumstances of the case and in law, the Learned Commissioner of Income -tax (Appeals) has erred in upholding the stand of the Assessing Officer of not reducing agricultural income of Rs. 2,51,803 /-. 3. On the facts and the circumstances of the case and in law, there would be a consequential impact on the interest charged under section 234B and 234C of the Income-tax Act, 1961" 3. The only issue raised by the assessee is against the order of ....

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....he Act. After the case return of income was processed u/s 143(1) with book profit u/s 115JB of Rs. 36,72,709/- which resulted demand of Rs. 154570/- as the assessee did not add provision of tax of Rs. 6,82,650/-. The assessee accepted the demand u/s 143(1) of Rs. 154570/-and paid the same on 18/06/2015. Subsequently, the case was selected for scrutiny and the assessment was completed u/s 143(3) of the Act with book profit of Rs. 29,90,059/- under section 115JB of the Act on the basis of return of income. Thereafter, it was noticed that the assessee has book profit of Rs. 36,72,709/- u/s 115JB instead of Rs. 29,90,059/-. Hence, the case was re-opened by issuing notice u/s 148 and re-assessment proceedings was completed vide order u/s 143(3) ....

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....sed under section 143(3) of the Act and dismissed the ground raised by the assessee by observing that scope of rectification under section 154 of the Act is limited to the extent of mistake apparent on record. The aggrieved assessee is in appeal before the tribunal against the said order of the ld CIT(A). 6. After hearing both the parties and perusing the material on record, we observe that this is not in dispute that gain on sale of agricultural land and income from agriculture as stated hereinabove are exempt under section 10(1) of the Act. We find that while computing the income under the normal provisions of the Act the assessee has duly excluded the profit on sale of agricultural income and agriculture income of Rs. 69,69,260/- and ....