9911796707
TMI Blog2021 (6) TMI 326X X X X Extracts X X X X X X X X Extracts X X X X ..... re of income computed under section 143(1) as returned income by the CPC, instead of income declared by the assessee in the return 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 Rs. 37,66,259/- assessed by the CPC under section 143(1) as returned income, instead of Rs. 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 Rs. 32,01,050/-. The return was processed under section 143(1) on 6.5.2011 by CPC, Bangalore determined total income at Rs. 37,66,260 and raised the demand of Rs. 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... before both the authorities. He further submitted that error in the impugned order is 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 l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n. 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 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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