TaxTMI 
TaxTMI 
2024 (3) TMI 424
X X X X Extracts X X X X
X X X X Extracts X X X X
....t') dated 18.10.2019 for the assessment year 2011-12. The assessee firm has assailed the impugned order on the following grounds of appeal: "1 In the facts and circumstances of the case, Ld. CIT(A) erred in upholding action of the AO in rejecting the rectification application filed by the appellant u/s. 154, without appreciating the facts of the case properly. 2. Ld. CIT(A) erred in dismissing the appeal and upholding action of the AO who assessed the total income of appellant at Rs. 74,54,460/- in place of Rs. 39,44,780/- declared in the original return. 3. Without prejudice to above grounds, Ld. CIT(A) erred in confirming the action of AO without appreciating the fact that the rectification order passed by AO was illegal inasmuch as....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ce of the undersigned. On going through the revised return filed by the assessee on 03.09.2011, it is found that the assessee has itself shown the profit from business and profession from sale of fixed assets is Rs. 35,09,675/- and income from long term capital gain at Rs. 41,15,460/- thus total income shown in its return of income is Rs. 74,54,460/- and tax computed on it is true. The mistake is not apparent from record hence the application for passing the order u/s 154 of the Act is hereby rejected. You are hereby directed to please pay your tax within 7 days of receipt of this letter otherwise the action will be taken as per Act." 4. Aggrieved the assessee carried the matter in appeal before the CIT(Appeals) but without success. As i....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ssed after the expiry of limitation period. It is seen that the assessee has himself filed rectification application on 18.10.2019. Order u/s. 154 has been passed on 18.10.2019. The appellant's application on which order has been passed is itself made after the expiry of limitation period. Thus, even on this ground, rejection of application u/s. 154 is warranted. Accordingly, the rejection of application u/s 154 is correct. Appellant cannot get any relief. 5. As a result, the appeal is dismissed." 5. The assessee firm being aggrieved with the order of the CIT(Appeals) has carried the matter in appeal before us. 6. We have heard the Ld. Authorized Representatives of both the parties and perused the material available on record, as we....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e but on account of a technical snag the "net profit" (as per profit and loss account) of Rs. 35,09,675.19 as disclosed by the assessee on sale of the aforesaid land was wrongly included in its income disclosed in aforesaid return of income (revised). In sum and substance, it was submitted by the Ld. AR that the assessee firm on account of a technical snag had been made to suffer double taxation on the profit on sale of land. Carrying his contention further, it was submitted by the Ld. AR that as the aforesaid mistake was glaring, patent, obvious and apparent from record, therefore, the A.O was obligated to have rectified the same u/s. 154 of the Act. Based on his aforesaid contention, the Ld. AR submitted that the A.O had grossly erred in ....