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2015 (11) TMI 984 - ITAT HYDERABAD

2015 (11) TMI 984 - ITAT HYDERABAD - [2015] 42 ITR (Trib) 262 (ITAT [Hyd]) - Rectification of mistake - allowing the brought forward losses of the assessment year 2005-06 - CIT(Appeals) cancelling the order passed under section 154 - Held that:- The exercise of power under section 154 in the present case is totally invalid. As can be seen, the loss of ₹ 92,85,891 was quantified and allowed to be carried forward while processing the return filed by the assessee under section 143(1) of the A .....

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e assessment year 2006-07 wherein the brought forward loss has only been set off. Therefore, there being no mistake apparent on record in the assessment order passed for the impugned assessment year, exercise of power under section 154 of the Act is invalid. Accordingly, there being no infirmity in the order of learned Commissioner of Income-tax (Appeals), we uphold the same by dismissing ground raised. - Decided in favour of assessee. - I. T. A. No. 768 /Hyd/ 2014(assessment year 2006-07). - Da .....

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"2. The Commissioner of Income-tax (Appeals) erred in cancelling the order passed under section 154 of the Income-tax Act even though there was a mistake apparent from record." 3. Briefly the facts relating to this issue are, the assessee a company filed its return of income for the impugned assessment year on September 7, 2006 declaring total income at nil after set off of brought forward losses. Assessment in case of the assessee was completed vide order passed under section 143(3) .....

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on behalf of the assessee and submitted any explanation, the Assessing Officer presuming that the assessee has no objection to rectify the mistake, passed an order under section 154 of the Act on December 20, 2012 by disallowing the brought forward loss of ₹ 92,85,891, which resulted in determination of total income at ₹ 92,85,891. Being aggrieved of the order passed under section 154 of the Act, the assessee preferred an appeal before the learned Commissioner of Income-tax (Appeals) .....

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passed under section 154 of the Act to be invalid and accordingly cancelled the same. The learned Commissioner of Income-tax (Appeals) observed that the mistake pointed by the Assessing Officer cannot be considered as a mistake apparent from record as it is a debatable issue on which more than one opinion are possible. 5. We have considered the submissions of the parties and perused the materials on record as well as the orders of the Revenue authorities on this issue. As can be seen from the fa .....

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