9911796707
TMI Blog2023 (12) TMI 648X X X X Extracts X X X X X X X X Extracts X X X X ..... 021 passed for Assessment Year 2017-18. 2. The assessee has taken the following grounds of appeal:- "1. The Learned C.I.T. (Appeals) National Faceless Appeal Centre has wrongly disallowed the exempt income u/s. 10 for which holding statement of each investments is filed and it is on the record. 2. In Revised computation of income was written all exempt income of Rs. 17,50,637/- you honourable body is fact finding body and fact is the income of Rs. 17,50,637 is exempted income u/s 10 is as under and another Rs. 2,58,827 was for PPF and IRDA Tax Free Interest which is already mentioned in revised return of income: IIFCL Tax Free Interest 1,75,259 Power Finance Tax Free Interest 2,90,128 HUDCO Tax Free Interest 2,03,150 IRFC Bon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In appeal, against the order under Section 154 of the Act, the assessee submitted before the Ld. CIT(A) that the aforesaid income of Rs. 17,50,637/- is actually interest income instead of dividend income and the aforesaid interest income was received from investments made in Government Companies like IIFCL, Power Finance Corporation, HUDCO, Indian Railway Finance Corporation, Rural Electrification Corporation Ltd., NHAI, TPK Port Ltd. and NTPC. The assessee also submitted the holding statement in the aforesaid Government Companies which reflected ISIN Number of individual investment in Government Companies, in support of the contention that the aforesaid amounts were received by the assessee as "interest income" from investments made in Gov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e us against the aforesaid order passed by Ld. CIT(A) rejecting the contention of the assessee. 6. Before us, the assessee submitted that from the facts placed on record, it is evident that the assessee had earned interest income from Government Companies, which is exempt under Section 10 of the Act. However, inadvertently, in the return of income, the assessee had stated that the aforesaid income was "dividend income" (as against interest income) and claimed that such dividend income was exempt from tax. However, this was an inadvertent mistake made by the assessee by incorrectly mentioning dividend income instead of interest income, but at the same time notably the assessee had claimed the aforesaid receipts as exempt from under Section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... edings by way of appeal or revision. It was held that necessarily this power extends even at the stage of the appeal and further appeal to the ITAT. In the case of Zen Tobacco (P.) Ltd. v ACIT 65 taxmann.com 320 (Ahmedabad - Trib.), the assessee had filed its return of income declaring certain income and the same was processed under section 143(1). Subsequently, on verification of assessee's record, it was noticed that the provision of deferred tax assets of certain amount, which ought to have been deducted from total income, was not deducted but added back to amount of profit and, thus, taxable income was overstated. Therefore, the assessee filed an application under section 154 seeking for rectification of mistake along with the revis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act by taking plea that the agriculture land is not falls under the definition of capital asset. The said application of assessee was dismissed by Assessing Officer by holding that in the order under section 143(1) no prima facie adjustment can be made nor any levy of additional income can be made by the Assessing Officer. The Assessing Officer cannot visit beyond that return except to compute tax or interest after adjustment of prepaid taxes. The Assessing Officer have no power to disturb the income disclosed in the return of income. And the assessee has failed to furnish any revised return, after taking into consideration all the facts of the case. The Ld. CIT(A) confirmed the action of Assessing Officer with the observation that the "mi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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