2023 (4) TMI 484

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.... ORDER PER SATBEER SINGH GODARA, J.M. : This assessee's appeal for assessment year 2011- 2012, arises against the National Faceless Appeal Centre [in short the "NFAC"] Delhi's Din and Order No. ITBA/NFAC/S/ 250/2022-23/1047625720(1), dated 24.11.2022, involving proceedings u/s. 154 of the Income Tax Act, 1961 (in short "the Act"). Heard both the parties. Case file perused. 2. Learned c....

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....f section 55(2)(b)(i) was not a mistake apparent from record and thereby upholding the order u/s 154 passed by the A.O. [Rs.26,98,050]. 2. The learned CIT(A) failed to appreciate that the computation of long term capital gains without applying the provisions of section 55(2)(b)(i) constituted a mistake apparent from record and hence, the said mistake ought to have been rectified u/s 154 b....

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.... Hon'ble ITAT, Ahmedabad in Atul C. Shah [ITA.No.594/Ahd/2019] under similar facts holding that the quasi-judicial authorities are being respected not on account of their powers to legalize the injustice on technical ground, but for their capabilities of removing injustice and therefore, the claim of the appellant ought to have been accepted in the interest of justice. 5. The appellant cr....

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....ove return(s) followed by sec.143(1) processing dated 02.02.2013 is a clearcut case of rectification since the capital gains in issue had remained to be computed correctly after determining the appropriate corresponding cost of acquisition as on 01.04.1981. Both the assessing authority's order dated 27.03.2017 as well as the NFAC's impugned lower appellate discussion hold that such a course of act....