TaxTMI 
TaxTMI 
1982 (2) TMI 90
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....nbsp; 33,377 Add : --- Interest to partners  ....
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....sp; 1,766 ---------------- ----------------- Total income 60,109 or 60,110 ---------------- ----------------- 3. On receipt of the said order of the ITO, th....
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.... be cancelled. 4. The ITO, however, rejected the assessee's application in the following manner: "Assessment for this year has been completed under section 143(1) at an income of Rs. 60,110 against returned income of Rs. 55,600 after making adjustment of inadmissible deductions claimed by the assessee. Aggrieved with this order the assessee has filed application under section 154 on 10-4-1980. On going through this application, it has been noticed that the assessee wants to bypass the provisions of section 143(2A) by making this application under section 154, but there is nothing on records to show that there has been any mistake which could be rectified under section 154. The assessee's application is, accordingly, rejected." 5. I....
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....aggrieved by the order of the AAC, the assessee has come up in appeal before us. The learned counsel for the assessee reiterated the submissions which were made before the income-tax authorities and contended that the ITO ought to have accepted the application made by the assessee under section 154 and ought to have amended the assessment accordingly. According to the learned counsel for the assessee, the assessee had option either to raise objections before the ITO as contemplated under section 143(2)(a) within one month from the date of the service of the notice of demand in consequence of an assessment framed under section 143(1) or to make an application under section 154 bringing out mistakes, which were apparent from the record. In ot....
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....essee had failed to do so, it was urged on behalf of the revenue that the time limitation prescribed under section 143(2)(a) cannot be extended by invoking the provisions of section 154. Thereafter, he also invited our attention to the application under section 154 made by the assessee and highlighted the fact that none of the items mentioned therein could be rectified under section 154, as in deciding each of them, long-drawn process of arguments/reasonings were required. As regards the terminal allowance, claimed under section 32(1)(iii), the learned representative for the department submitted that since the motor cycle in question was purchased and sold in the previous year relevant to the assessment year under appeal itself, the assesse....