Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (8) TMI 336 - AT - Income TaxAddition u/s 68 - mistake of introduction of authorized capital - assessed the income as different from returned income - Assessee argued that it typographical eror at the time of filing up the Form of return of income and the same ought to have been considered - HELD THAT:- We notice that the mistake made by the tax consultant at the time of filing return of income that he had cut and pasted the same capital and investment details of some other assessee and this mistake was appreciated and taken note by the respective Assessing Officers in the case of Ms. Leena Joseph Lopes, and Shri Jani Navani. Even in this case also, the Assessing Officer and the learned CIT(A) should have verified the financial records of the assessee of earlier assessment years and after due verification, they could have identified the mistake, but they failed to reconcile the actual capital and investment of the assessee. After considering the above facts on record, we are of the view that tax practitioner had made the above inadvertent mistake while filing the return of income which is not the real capital and investment of the assessee. Therefore, we direct the Assessing Officer to delete the addition made under section 68 of the Act. Accordingly, grounds raised by the assessee are allowed.
|