2024 (3) TMI 101

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....Heard both the parties. Case file perused. 2. The Revenue pleads the following substantive grounds in the instant appeal : 1. "On the facts and circumstances of the case and in law, the Id. CIT(A) erred in directing the AO to make adjustment in business income and recompute the taxable income after verifying the Audit Report filed with the Return on admitting that claim of expenditure not shown in the return of income is a clear mistake while the AO has rightly rejected the applicant's application u/s 154 of the I.T. Act, 1961 by holding that the mistake was not apparent from record in view of Section 154(1) of the Income Tax Act and on the fact that assessee himself has declared total income of Rs. 2,05,25,160/- in the Return o....

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....12.2014 declaring total income of Rs. 2,05,25,160/- followed by it's sec. 143(1) "processing" dated 11.01.2015 accepting the same, thereby raising a demand of Rs. 81,36,008/-. The assessee thereafter filed it's rectification dated 18.02.2019 claiming re-computation of income as per P & L A/c and audit report. The Assessing Officer passed his rejection order u/sec. 154 going by the assessee's returned income only. He further held that it was not an instance of a rectifiable mistake in latter part of the said order. The NFAC has admittedly reversed the Assessing Officer's action as per his above extracted detailed discussion. This leaves Revenue aggrieved. 5. It is in this factual backdrop that the first and foremost issue which arises ....

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....ions of the Act is not impinged upon for the purpose of entertaining a new claim. We are of the considered view that the said judicial precedent nowhere dealt with an instance of sec. 154 rectification. Be that as it may, once we have concluded that the assessee's rectification itself is not maintainable in the peculiar facts of the instant case wherein the Assessing Officer's clear-cut findings have not been reversed by the NFAC's; all other aspects deserve to be treated as academic only. The Revenue succeeds in it's first and foremost substantive grievance in very terms. Ordered accordingly. 6. This Revenue's appeal is allowed in above terms. Order pronounced in the open Court on 29.02.2024. ============= Document 1 2. Brief....

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....appeal and the submissions filed online by the appellant have been perused. After carefully considering of the same, the appeal is decided as under: 4. The appellant filed the computation of total income as per which the house property income has been shown at loss of (-) 16,072, and business income at Rs.15,91,892 and income from other sources at Rs.65,732. The gross total income was shown Rs. 16,41,552 and after deductions under chapter VIA at Rs.106096, taxable income has been shown at Rs.15,35,456 and agricultural income at Rs.1,34,270. The tax deducted at source has been shown at Rs.3,70,840 and working of refund at Rs.43,820. In the Audit report dated 25-09-2013 the details as per ....