Home
Forgot password New User/ Regiser
2018 (8) TMI 859 - HC - Income TaxRectification of an error u/s 154 - The order was passed after scrutiny u/s 143(3) - AO revised assessment order and recalculated the indexed cost of acquisition applying the provisions of Section 48(iii) of the Income Tax Act - ITAT deleted the rectification order passed u/s 154 - Held that:- As rightly observed, powers under Section 154 of the Income Tax Act can be exercised only when the mistake, which is sought to be rectified is an obvious mistake, which is apparent from the record and not a mistake, which is required to be established by long drawn process of reasoning on points. Under the circumstances, in the facts and circumstances of the case and considering the original assessment order passed by the learned Assessing Officer as well as the subsequent order passed by the learned Assessing Officer under Section 154 of the Income Tax Act, we see no reason to interfere with the impugned order passed by the learned Tribunal. - Decided against the revenue.
|