TaxTMI 
TaxTMI 
2023 (12) TMI 648
X X X X Extracts X X X X
X X X X Extracts X X X X
....-22/1037845489(1) vide order dated 16.12.2021 passed for Assessment Year 2017-18. 2. The assessee has taken the following grounds of appeal:- "1. The Learned C.I.T. (Appeals) National Faceless Appeal Centre has wrongly disallowed the exempt income u/s. 10 for which holding statement of each investments is filed and it is on the record. 2. In Revised computation of income was written all exempt income of Rs. 17,50,637/- you honourable body is fact finding body and fact is the income of Rs. 17,50,637 is exempted income u/s 10 is as under and another Rs. 2,58,827 was for PPF and IRDA Tax Free Interest which is already mentioned in revised return of income: IIFCL Tax Free Interest 1,75,259 Power Finance Tax Free In....
X X X X Extracts X X X X
X X X X Extracts X X X X
....2020 and the request of the assessee claiming the above income as exempt was rejected by the Assessing Officer. 4. In appeal, against the order under Section 154 of the Act, the assessee submitted before the Ld. CIT(A) that the aforesaid income of Rs. 17,50,637/- is actually interest income instead of dividend income and the aforesaid interest income was received from investments made in Government Companies like IIFCL, Power Finance Corporation, HUDCO, Indian Railway Finance Corporation, Rural Electrification Corporation Ltd., NHAI, TPK Port Ltd. and NTPC. The assessee also submitted the holding statement in the aforesaid Government Companies which reflected ISIN Number of individual investment in Government Companies, in support of the....
X X X X Extracts X X X X
X X X X Extracts X X X X
....action of AO in rejecting the application u/s 154 of the Act is upheld. Grounds of Appeal Nos. 1 to 2 are dismissed." 5. The assessee is in appeal before us against the aforesaid order passed by Ld. CIT(A) rejecting the contention of the assessee. 6. Before us, the assessee submitted that from the facts placed on record, it is evident that the assessee had earned interest income from Government Companies, which is exempt under Section 10 of the Act. However, inadvertently, in the return of income, the assessee had stated that the aforesaid income was "dividend income" (as against interest income) and claimed that such dividend income was exempt from tax. However, this was an inadvertent mistake made by the assessee by incorrectly ment....
X X X X Extracts X X X X
X X X X Extracts X X X X
....143(1) of the Act. The Hon'ble High Court further held that this power of rectification enures even after the matter has been considered and decided in any proceedings by way of appeal or revision. It was held that necessarily this power extends even at the stage of the appeal and further appeal to the ITAT. In the case of Zen Tobacco (P.) Ltd. v ACIT 65 taxmann.com 320 (Ahmedabad - Trib.), the assessee had filed its return of income declaring certain income and the same was processed under section 143(1). Subsequently, on verification of assessee's record, it was noticed that the provision of deferred tax assets of certain amount, which ought to have been deducted from total income, was not deducted but added back to amount of profit a....
X X X X Extracts X X X X
X X X X Extracts X X X X
....de payment tax of Rs. 34,87,890/- . As per Ld. AR of the assessee, the assessee realized his mistake and filed an application for rectification under section 154 of the Act by taking plea that the agriculture land is not falls under the definition of capital asset. The said application of assessee was dismissed by Assessing Officer by holding that in the order under section 143(1) no prima facie adjustment can be made nor any levy of additional income can be made by the Assessing Officer. The Assessing Officer cannot visit beyond that return except to compute tax or interest after adjustment of prepaid taxes. The Assessing Officer have no power to disturb the income disclosed in the return of income. And the assessee has failed to furnish a....