2023 (2) TMI 1227

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..../2008 for the assessment year 2004-05. The appeal was admitted on the following substantial question of law :- "Whether the Tribunal was justified in reversing the order of the Commissioner of Income Tax (Appeals) and restoring the addition of Rs. 1,55,67,517/- made in the assessment on account of an arithmetical mistake and its purported findings in that behalf are arbitrary, unreasonable and perverse ?" We have heard Mr. J.P. Khaitan, learned senior counsel appearing for the appellant and Mr. Tilak Mitra, learned standing counsel for the respondent. The issue is whether the Tribunal was justified in reversing the order passed by the Commissioner of Income Tax (Appeals) [CIT(A)] and restoring the addition of Rs. 1,55,67,5....

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....e Commissioner of Income Tax (Appeals) and placed all records which were available and the learned Tribunal after going through the entire records held that the assessee has filed copy of the rectified TAR dated 3rd September, 2004 along with the auditor's certificate mentioning the original figure of available stock and the corrected figure of available stock drawing the figure of consumption in the original as well as the rectified report. Thus, the CIT(A) was convinced with the stand taken by the assessee that it is an arithmetical mistake in quantitative defects which were demonstrated before the CIT(A)duly supported by the auditor's certificate. The revenue carried the matter on appeal before the learned Tribunal which had reversed ....