1981 (1) TMI 102 - AT - Income Tax

Summary

The appeal was filed by the assessee against the order of the AAC confirming the ITO's refusal to rectify a mistake in the assessment under s. 143(1). The ITO had assessed agricultural income at Rs. 20,000, which the assessee disputed. The tribunal held that the ITO had no power to estimate income and must accept the figure provided by the assessee. The assessment was ordered to be rectified in line with the income disclosed by the assessee. The appeal was allowed.