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2021 (12) TMI 931 - AT - Income TaxRectification of mistake - invoking section 154 rectification thereby seeking to recompute section 234B interest - HELD THAT:-Whether the learned lower authorities would invoke section 154 rectification in such an instance, in our considered opinion, goes in assessee’s favour and against the department. Hon’ble apex court’s landmark decision in T.S. Balram Vs M/s. Volkart Brothers [1971 (8) TMI 3 - SUPREME COURT] has settled the law that a mistake apparent on record must be an obvious and patent one than something which could be established by a long drawn process of reasoning involving more than one opinions. The factual position is no different before us wherein the assessee’s case all along has sought to treat the cash seized as self-assessment and not advance tax covered u/s 132B Explanation 2 of the Act. We accordingly hold that the learned lower authorities have erred in law in invoking section 154 jurisdiction in the very terms as per strict interpretation of principles invoked in Commissioner of Customs Vs. Dilip Kumar[2018 (7) TMI 1826 - SUPREME COURT] - Decided in favour of assessee.
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