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2018 (12) TMI 685 - AT - Income TaxRectification application u/s. 154 - Computation of long term capital loss - assessee company vide its application for rectification has stated that the assessee company considered only the actual cost of acquisition instead of indexed cost of acquisition and determined the Long Term Capital Loss at ₹ 3,85,05,000/- instead of ₹ 14,27,10,063/- - Held that:- Referring to provisions of section 154, it is seen that only those mistakes which are apparent from records can be rectified under the provisions of section 154. Hence, we have to examine this as to whether the assessee’s claim for rectification is for apparent mistake or not. In the present case, it is noted by the AO on page no. 2 of the order passed by him u/s. 154 of IT Act that the assessee company vide its application for rectification has stated that the assessee company considered only the actual cost of acquisition instead of indexed cost of acquisition and determined the Long Term Capital Loss at ₹ 3,85,05,000/- instead of ₹ 14,27,10,063/-. In our considered opinion, this may be a mistake against which the appeal can be filed by the assessee by filing an appeal before CIT(A) against the assessment order but such mistake is not an apparent mistake which can be rectified by the AO u/s. 154 of IT Act - rectification sought for by the assessee u/s. 154 is not in respect of an apparent mistake which can be rectified u/s. 154. - decided against assessee.
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