Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (3) TMI 1034 - AT - Income TaxValidity of order u/s 154 - Disallowance of NPA Provisions and Other Reserves - das per assessee the total provision made by the assessee up to 31.03.2007 amounting to ₹ 15.35 crore and the provision for the year assessment year 2007-2008 being only ₹ 2.13 crore was well within the permissible limit and hence allowable - Held that:- We noticed that the objections raised by the assessee are to be examined in detail after referring to the balance sheet and other records furnished by the assessee. The A.O. had conveniently ignored the objections of the assessee and passed the rectification order. The only obvious and patent mistake that are apparent from record can only be rectified u/s 154 of the I.T.Act. In the instant case, the mistakes, if at all, that was sought to be rectified u/s 154, can be done only after detailed examination of the books of account, balance sheet and profit and loss account of the assessee and such detail examination cannot be made while passing order u/s 154 of the I.T.Act. Hence, we are of the view that the CIT(A) has correctly quashed the order u/s 154 passed by the Assessing Officer. - Decided against revenue
|