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2013 (12) TMI 1550 - ITAT MUMBAIRectification of mistake - Income considered to be liable for tax - Held that:- Income was considered to be liable for tax at the rate of 15% by the assessee itself in its return of income. No material has been brought on record to show that applicability of rate of 15% was examined by the AO during the course of original assessment proceedings. Even during the course of rectification proceedings, the assessee did not submit any reply to the AO. It is also not the case of the assessee that AO did not give opportunity to explain that as to why 15% rate of tax was justified. In these circumstances, we are of the opinion that there was no “change of opinion” as has been argued by Ld. AR. The levy rate of tax has to be in accordance with the statutory provisions. If there is less levy, then it is liable for rectification. Accordingly, we hold that AO was not wrong in exercising his right u/s. 154 of the Act.
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