TMI Blog2021 (6) TMI 326X X X X Extracts X X X X X X X X Extracts X X X X ..... passed an order on merit. According to us the mistake is self-evident, and apparent from the record. For rectifying the mistake, the assessee filed rectification application under section 154, which was rejected by the AO on the ground that the same is barred by limitation. This foundational fact was not inquired into by both the authorities below in the course of rectification proceedings under section 154 of the Act, and simply dismissed the application on the ground of limitation. The assessee submitted before the ld.CIT(A) that the assessee has filed application under section 154 on 20.1.2017 against the order passed under section 143(3) on 13.11.2012. Rectification of an order can be made within 4 years from the end of the financial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n filed on 29th September, 2020. In other words, for framing assessment under section 143(3) of the Act, the ld.AO has taken income of ₹ 37,66,259/- assessed by the CPC under section 143(1) as returned income, instead of ₹ 32,01,150/- returned by the assessee as per return of income filed for the A.Y.2010-11. 3. Brief facts of the case are that the assessee is a cooperative bank. It filed its return of income on 29.9.2010 declaring total income at ₹ 32,01,050/-. The return was processed under section 143(1) on 6.5.2011 by CPC, Bangalore determined total income at ₹ 37,66,260 and raised the demand of ₹ 2,10,030/-. Thereafter, the case of the assessee was taken up for scrutiny and assessment order under sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s apparent, and very much obvious and patent on the record. Both the authorities have passed the impugned orders without appreciating the case of the assessee on merit, and therefore, the same requires to be rectified. He further submitted that the order of ld.CIT(A) is very cryptic, and simply confirmed order of the AO without dealing with merit of the issue raised by the assessee in the submissions. The application filed by the assessee under section 154 was within the statutory time limit, because the assessee has filed application on 20.1.2017 and the time limit as per the provisions of section 154 of the Act was upto 31.3.2017. On the other hand, the ld.DR supported the orders of the Revenue authorities. 5. I have considered rival s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rities below in the course of rectification proceedings under section 154 of the Act, and simply dismissed the application on the ground of limitation. The assessee submitted before the ld.CIT(A) that the assessee has filed application under section 154 on 20.1.2017 against the order passed under section 143(3) on 13.11.2012. Rectification of an order can be made within 4 years from the end of the financial year in which the order sought to be amended was passed, therefore, in the present case period for filing the application expires only on 31.3.2017, and therefore, application of the assessee under section 154 is within the limitation period. As regards, the mistake pointed out by the ld.counsel for the assessee in the impugned assessmen ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
