Just a moment...

Report
FeedbackReport
×

By creating an account you can:

Logo TaxTMI
>
Feedback/Report an Error
Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters0/2000
TMI Blog
Home / RSS

2025 (6) TMI 315

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s. 4,86,993/-. The return was processed u/s 143(1) by accepting the returned income. The Assessing Officer on the basis of annual information return i.e. AIR found that the assessee has invested Rs. 2,40,000/- in Sundaram BNP Paribas on 02.04.2006 and Rs. 4 lakh in SBI mutual fund on 11.04.2006 which amounts in all to Rs. 6,40,000/-. According to the Assessing Officer, the salary income of the assessee was only Rs. 5,36,802/- and after deducting, house loan and interest thereon, investment u/s VI-A, payment of income tax and household expenses the assessee was left with only Rs. 1,10,000/- of savings which could be said to be invested by the assessee in the above mutual funds and therefore the Assessing Officer was of the view that income o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e appeal filed by the assessee by observing as under :- "5.4 The A.O., by virtue of order u/s 154 of the Act, has made addition of Rs. 5,30,000/- stating that in the assessment order u/s 147/143(3) of the Act, amount of Rs. 5,30,000/- was disallowed on account of purchase of Mutual Fund, but, in the computation of total the amount of disallowance of Rs. 5,30,000/- remained to be added to the total income of the assessee. On plain reading of the assessment order dated 23/03/2015 it becomes clear that the A.O. has ruled out an amount of Rs. 5,30,000/-, but, the same was not added while computing total income. Consequently, an order u/s 154 of the Act was passed to cure the mistake. For the purpose of determination of 'Mistake apparent f....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ng Officer that the assessee is only the second holder of the impugned mutual fund and the first holder is his wife i.e. Mrs. Minni Narang and the above investment was made by her. It was also explained that the mutual funds were purchased by his wife as first holder from the redemption of old mutual funds standing in her name and complete details of redemption of these mutual funds was produced before the Assessing Officer and after considering those details and verifying the documents the Assessing Officer did not made any addition on the basis of purchase of impugned mutual funds however certain other additions were made by the Assessing Officer. Apart from the above merits of the case, Ld. AR also submitted before the bench that the ord....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... CIT(A)/NFAC dismissed the appeal filed by the assessee and held that the order passed u/s 154 of the IT Act is correct. In this regard, we further find that the assessee has already clarified before the Assessing Officer that he is the second holder and the mutual funds were purchased by his wife Mrs. Minni Narang as first holder out of the receipt of redemption of other mutual funds held by her since long. The complete detail of redemption of mutual funds was also produced before the Assessing Officer and again the same is produced before the bench also. From the perusal of the chart furnished by the counsel of the assessee, it is apparent that wife of the assessee, Mrs. Minni Narang received amounting in all to Rs. 5,97,117/- from the re....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ay of appeal or revision relating to an order referred to in sub-section (1), the authority passing such order may, notwithstanding anything contained in any law for the time being in force, amend the order under that sub-section in relation to any matter other than the matter which has been so considered and decided. (2) Subject to the other provisions of this section, the authority concerned- (a) may make an amendment under sub-section (1) of its own motion, and (b) shall make such amendment for rectifying any such mistake which has been brought to its notice by the assessee or by the deductor] 22[or by the collector], and where the authority concerned is the Commissioner (Appeals), by the Assessing Officer also. (3) An amendment,....