Tribunal Confirms Rejection of Late Rectification Application; CPC Correctly Recorded Income as Declared in Revised Return.

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....Rectification u/s. 154 - claim of the assessee that the CPC, Bengaluru in the intimation issued u/s. 143(1) had wrongly taken its income under the head "Profit and gains from the business or profession" at Much Higher Amount instead of Rs. Nil and raised a consequential demand towards tax and interest(s). The Tribunal examined the circumstances and found that since the CPC accepted the income as declared in the revised return, there was no apparent mistake in the record. The rejection of the rectification application was deemed appropriate. The ITAT also observed that the application was filed after the limitation period, further strengthening the rejection decision.....