2024 (8) TMI 927

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....er on the facts and circumstances of the case, the learned Commissioner of Income Tax Appeals (NFAC) Delhi was justified in affirming addition of Rs. 1,15,69,581/- made by the CPC u/s 154 of the Income Tax Act, 1961. 2. The Appellant craves leave to add or alter any other ground that may be taken at the time of hearing." 3. The Assessee is engaged in the activities of farming of mushrooms. The income from the said activity is in the nature of agricultural income and hence it is exempt from taxation. During the year under consideration, the assessee has earned an agricultural income of Rs. 1,15,69,581, and the same was claimed as exempt. The resultant income (i.e.) Rs. 1,15,69,580, was claimed as an exempt by the assessee while filing ret....

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....k in filling of return of income. EXTRACT OF SCHEDULE BP RETURN FILLED: Page No. 4 UP EXTRACT OF FORM WHERE VALUE WAS TO BE ENTERED BUT NOT FILLED DUE TO INADVERTENT ERROR: Page No. 4 DOWN 4. Please refer to our previous replied for some details of o Four agriculture activity. Thus it is a humble request to reconsider the return furnished as it was an inadvertent error of clerk made while submitting the income tax return for AY 2018-19. I have enclosed the screenshots of errors made." 3. In view of the above I have to conclude that while processing a return u/s 143(1), CPC cannot compensate for a failure of the appellant to make a correct claim of any exemption. Therefore, the CPC is correct in saying that since there is no appare....

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.... (a) the total income or loss shall be computed after making the following adjustments, namely:- (i) any arithmetical error in the return; ii) an incorrect claim, if such incorrect claim is apparent from any information in the return; (iii) disallowance of loss claimed, if return of the previous year for which set off of loss is claimed was furnished beyond the due date specified under sub-section (1) of section 139; (iv) disallowance of expenditure 97[or increase in income] indicated in the audit report but not taken into account in computing the total income in the return; (v) disallowance of deduction claimed under 98[section 10AA or under any of the provisions of Chapter VI-A under the heading "C.-Deductions in respect of ce....

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....nterest or fee; (d) an intimation shall be prepared or generated and sent to the assessee specifying the sum determined to be payable by, or the amount of refund due to, the assessee under clause (c); and (e) the amount of refund due to the assessee in pursuance of the determination under clause (c) shall be granted to the assessee: Provided that an intimation shall also be sent to the assessee in a case where the loss declared in the return by the assessee is adjusted but no tax, interest or fee is payable by, or no refund is due to, him: Provided further that no intimation under this sub-section shall be sent after the expiry of 99[nine months] from the end of the financial year in which the return is made. Explanation.-For the ....