TaxTMI 
TaxTMI 
2022 (2) TMI 1032
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....of Rs. 28,06,044/- and Speculation profit of Rs. 4,10,688/-. 2. The learned CIT (A) and assessing officer erred in law in not following the principles of jurisprudence to grant the justice to the assessee which is violation of the principle of natural justice. 3. The learned CIT (A) erred in law in denying lawful claim of the appellant. 4. The learned CIT (A) erred in dismissing appeal on technical ground without appreciating facts of case properly. 5. The learned CIT(A) erred in fact and on law in stating para 4.2 of order that, ".....Here, in this case, what the appellant is raising is a factual issue, which has not been correctly accounted by the Accountant, either due to oversight or due to mistake. This has not been examined ei....
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....ssment proceedings. 3.1 Subsequent to that the assessee moved an application under section 154 on 06/06/2018 claiming that the assessee had suffered loss of Rs. 28, 06,044/- in F & O transactions and had earned profit of Rs. 4, 10,688/- thereby incurring net business loss of Rs. 23, 95,355/- which was debited to an account named "Derivatives Traders (to be reconciled) and Speculation trades (to be reconciled) grouped under loans and advances (Assets). The Assessing Officer, however, rejected the rectification application on the ground that - (i) the assessee himself has filed the return of income at Rs. 21,48, 070/- and the same was assessed u/s 143(3) of the Act; (ii) the assessee had ample time to correct any information wrongly filed by....
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....nions. In this connection, he relied upon the decision of the Hon'ble Supreme Court in the case of Hero Cycle Pvt Ltd (1997) 228 ITR 463 (SC) wherein it was held that a point which was not examined on facts or in law cannot be dealt with as a mistake apparent from the record. The learned DR, therefore, pleaded that the appeal of the assessee deserves to be dismissed. 6. We have considered the rival submissions and perused the materials placed before us. Any rectification of mistake under section 154 of the Income-tax Act, 1961 can be sought for only when it is apparent from the record. As evident from the section, the mistake must be one which is patent, which is obvious and whose discovery is not dependent on further investigation. 7. We....