TaxTMI 
TaxTMI 
2024 (8) TMI 1009
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.... filed its return of income declaring total income of Rs. 62,51,16,364/-. Subsequently, a communication dt. 03/09/2019 was received from CPC Portal for proposed adjustment of Rs. 3,52,475/- on account of ICDS. 2.1 In response, the assessee company in its submission dt. 30/09/2021 submitted that the said amount of Rs. 3,52,475/- was allowable during the current year on the basis of actual incurrence of the said losses and the same was disallowed in the previous year on provisions basis. Regarding non mentioning of the same in the return of income, it was submitted that the same has been inadvertently omitted to be shown in other information. It was submitted that the said response was not considered by CPC, Bangalore and intimation dt. 04/1....
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.... should be recognized when it is actual and on the said basis provision of Rs. 3,52,475/- made in the books of account were added back while filing the return of income for A.Y 2017-18 but basis actual transaction, the same has been claimed in the impugned A.Y 2018-19. 2.5 It was submitted that thereafter another notice dt. 09/04/2021 was issued wherein the assessee was asked to furnish the documentary evidence in support of actual transaction of loss on future trading and in response, the assessee vide its submission dt. 23/04/2021 submitted the documentary evidence and the computation of loss incurred in such transaction. 2.6 It was submitted that the assessment order was thereafter passed under section 143(3) dt. 27/09/2021 in which no....
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....roceedings under section 143(3), hence the AO was of the view that there was no mistake apparent from the record and the request of the assessee for seeking necessary rectification under section 154 was rejected. 3. It was submitted that being aggrieved with the said action of the AO, the assessee carried the matter in appeal before the Ld. CIT(A) who has since sustained the said addition. 4. In the aforesaid background, it was submitted that right from the time, the proposed adjustment was intimated by the CPC, Bangalore, the assessee has been stating that the ICDS claim is allowable and has been claimed on actual basis. It was submitted that the assessee has moved rectification application against the intimation under section 143(1) how....
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.... stated that the grievance of the assessee arises from the intimation dt. 04/11/2019 issued under section 143(1) as no such disallowance or adjustment was made vide order passed under section 143(3) dt. 27/09/2021 wherein only an addition of Rs. 2,58,837/- was made on account of unexplained expenditure. It was submitted that there is nothing on record as to whether any appeal was filed by the assessee against the intimation dt. 04/11/2019 and therefore the assessee failed to act timely to file the appeal against the intimation under section 143(1) of the Act and as no grievance arises out of the order passed under section 143(3) of the Act. Accordingly, the rectification application dt. 24/12/2021 filed after passing the said order has been....