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TMI Blog2015 (6) TMI 1118X X X X Extracts X X X X X X X X Extracts X X X X ..... that no mistake apparent from record has taken place in not carrying forward in intimation made u/s.143(1) dt. 10.05.2010 the loss in F&O business incurred by the appellant during the year of Rs. 20,37,162/- and shown by her in her Return of Income filed within the time provided u/s.139(1) of Income Tax Act. b) observing that since Rs.'Nil' is mentioned in Entry 43 of Part A - P&L, the same figure of RS.Nil should be taken to Part B - IT Entry A-1 and not loss of Rs. 20,37,162/- shown by the appellant especially since everywhere in the E-Return the appellant has given clear details to carry forward loss. c) failing to comprehend the huge complexity in the newly introduced E-Return running into 24 pages which small timers like ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come from "business or profession" this amount of Rs.(-) 20,37,162/- is mentioned at three places. Thus, it is case of the assessee that it is only a mistake in filling item No.43, which was taken into account by processing the return and the income of the assessee was processed at nil in place of a loss of Rs. 20,37,162/-. It was submitted that assessee had also subsequently filed revised return electronically on 5/3/2011, copy of which was also placed on our record in which the said mistake was corrected i.e. filling column No.43 at page-5 of the return, wherein loss was clearly stated at Rs. 20,37,162/-. 3. Subsequent to filing original return and before filing the revised return the assesee had filed an application before the concerned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r above referred client is in receipt of intimation u/s 143 (1) issued by your office. On scrutinizing the same it is noticed that while computing the income u/s 143 (1) loss under the head 'Income from Business or profession' amounting to Rs. 20,37,162/- is neither considered nor allowed to be carried forward. We are enclosing herewith the computation of income to bring home the point elaborately. You will appreciate that the loss under the head "Income from Business or profession" computed by our is allowable and after adjustment with income from other sources, unabsorbed loss amounting to Rs. 20,33,488 is allowed to be carried forward to next assessment year u/s 72 of The Income Tax Act, 1961. Please note that schedule CFL in r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 4. Aggrieved assessee filed an appeal before Ld. CIT(A) who has referred to the provisions of section 143(1) which was amended w.e.f. 1/4/2008 and according to the said provision, in the intimation issued under section 143(1) only following mistakes could be rectified. "a. Any arithmetical error in the return; or b. An incorrect claim, if such in correct claim is apparent from any information in the return. For this purpose, the term "an incorrect claim apparent from any information in the return" shall mean such claim on the basis of any entry, in the return; a. Of an item, which is inconsistent with another entry of the same or some other item in such return. b. In respect of which, information required to be furnished to su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er passed by Computerized Processing Centre and Ld. CIT(A). 7. We have heard both the parties and their contentions have carefully been considered. The assesee with the help of copy of original return filed electronically has been able to demonstrate that it was a mistake apparent from record. Provisions of section 143(1)(a) of the Act permits the following adjustments: (i) any arithmetical error in the return; or (ii) an incorrect claim, if such incorrect claim is apparent from any information in the return; 7.1 Explanation to section 143(1) define "an incorrect claim apparent from any information in the return as under: "Explanation - For the purposes of this sub-section,-(a) 'an incorrect claim apparent from any information i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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