TMI Blog2021 (3) TMI 213X X X X Extracts X X X X X X X X Extracts X X X X ..... visions of section 10(1) of the Act and therefore it has erroneously been included while computing the book profit. On the issue of observation of the Ld. CIT(A) that the AO could not have considered the rectification in view of the decision of Hon ble Supreme Court in the case of Goetz India Ltd. [ 2006 (3) TMI 75 - SUPREME COURT ], but certainly the Ld. CIT(A) could have directed the AO to rectify this mistake as there is no bar on the ld CIT(A) to correct the apparent mistake nevertheless the mistake attributed to the assessee . We are therefore not in agreement with the finding of the Ld. CIT(A) and direct the AO to exclude the gain on sale of agriculture and also income from agriculture while computing the book profit under section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the assessee is against the order of Ld. CIT(A) upholding the order passed under section 154 of the Act dated 11.02.2019. 4. The facts in brief are that during the year the assessee filed the return of income on 29.11.2014 declaring loss of ₹ 1,00,033/- under the normal provisions of the Act and ₹ 29,90,059/- under MAT u/s 115JB of the Act. The case of the assessee was selected under scrutiny and order under section 143(3) of the Act was passed accepting the returned income as well as the book profit. Thereafter, the case of the assessee was reopened and assessment was framed vide order dated 23.08.2018 under section 143(3) read with section 147 of the Act. Subsequent to that , the assessee filed a rectification applica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issuing notice u/s 148 and re-assessment proceedings was completed vide order u/s 143(3) r.w.s. 147 dated 23/08/2018 with book profit u/s 115JB of ₹ 36,72,709/- Thereafter, the assessee vide letter dated 08/10/2018 11/01/2019 brought to the notice that while passing the order u/s. 143(3) r.w.s 147 dated 23/08/2018 for the A. Y. 2014-15 credit for Regular Tax of ₹ 1,54,570/- paid on 18/06/2015 was not given. On verification, the contention of the assessee is found to be correct and the mistake is apparent from records. Total book profit remained unchanged to ₹ 36,72,709/-. Rectified u/s 154 of the Act. Given credit for TDS, prepaid taxes and regular taxes. Charged interest u/s. 234A, B, C applicable as pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e has duly excluded the profit on sale of agricultural income and agriculture income of ₹ 69,69,260/- and ₹ 2,51,803/- respectively. However, while computing the MAT in the return of income, the same was not reduced from the book profit and hence this anomaly has taken place. We are quite convinced that this is an apparent mistake which the revenue should have rectified on its own. In our view, the income which is not taxable under the Act, can not be brought to tax on the technicalities of the matter that no exemption was claimed by the assessee. In the present case the gain on sale of agricultural land as well as income from agriculture are exempt from tax under the provisions of section 10(1) of the Act and therefore it has e ..... X X X X Extracts X X X X X X X X Extracts X X X X
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