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2022 (12) TMI 694 - AT - Income TaxRectification u/s.154 adding prior years income as book profit u/s.115JB - HELD THAT:- As noted that the assessee could prove before us that this income has already been offered in assessment year 2007-08 and this cannot be added again in assessment year 2009-10. We noted that since the assessee has already offered this income in assessment year 2007-08 and issue is settled, only adjustment was made in the books of account of financial year 2008-09 relevant to assessment year 2009-10 and this fact was in the knowledge of AO at the time of making adjustment and even this was explained during the course of rectification proceedings by the assessee. In view of the above, first of all the assessee has offered this in assessment year 2007-08, it cannot be added again and moreover, this being highly contentious issue and debatable whether this is to be assessed in assessment year 2007- 08 or 2009-10, it cannot be rectified while acting u/s.154 of the Act. Hence, we allow the appeal of assessee.
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