Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2008 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2008 (8) TMI 342 - GUJARAT HIGH COURTRectification of mistake - . The Tribunal has also observed in its order that it was clearly mentioned in the assessment order that in the assessment proceedings, the assessee agreed to disallowance on appreciation on trucks and claimed for reducing the income offered of Rs. 1,38,422 as a short-term capital gains under section 50 of the Act. The Tribunal has further observed that the Assessing Officer has not appreciated the contents of the assessment order and has proceeded to invoke the proceedings of section 154 in an arbitrary manner. The Tribunal has also given its finding that there is no case of double benefit of set off of capital gains as pointed out by the Assessing Officer. Since there was no mistake apparent on the face of the record, the Tribunal has confirmed the order of the learned Commissioner of Income-tax (Appeals) whereby the order passed by the Assessing Officer under section 154 of the Act was cancelled. – order of ITAT maintained.
|