TMI Blog2016 (3) TMI 1474X X X X Extracts X X X X X X X X Extracts X X X X ..... However, due to clerical mistake, the said amount was omitted in the computation. We find that in the copy of the Income-tax computation, the said disallowance had been mentioned but inadvertently the amount was omitted. We further note that in the balance sheet at col. No.18 of Other Expenses was shown as Loss on sale of fixed assets however, in the computation in the head Loss on sale / discard of assets, the amount was not reflected. We also find that even during the course of assessment proceedings, all the information relating to the sale of asset had been furnished and the bonafide mistake that was made was accepted and the said amount was offered for taxation. We note that it is also not a case wherein the said amount was reflected ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... year under consideration, the assessee declared taxable income of Rs.62,88,941/- on a turnover of Rs.34,70,27,097/-. The assessee was maintaining its regular books of accounts which were audited both under the Companies Act, 1956 and under section 44AB of the Act. The return of Income was selected for scrutiny u/s 143(2) of the Act and all the details along with audited accounts , tax audit reports as called for were duly furnished. The assessment was made under section 143(3) at Rs.70,63,560/- vide order dated 30.08.2011 and the AO made the disallowance of Rs.1,95,240/- being 10% of miscellaneous expenses, repair maintenance etc. being unverifiable in nature and disallowance of Rs.5,79,374/- being loss on sale of asset which was debited t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erred an appeal before the ld. CIT (A) who has upheld the order of the AO. 5. Aggrieved by the said decision of the CIT (A), the assessee is before us. 6. Ld. AR for the assessee, while reiterating the submissions made before the lower authorities, submitted that one of the divisions of the assessee company, RMC Ghaziabad, had discontinued its business during financial year 2007-08. He submitted that the building was dismantled and disposed off during the year under consideration and sold off. He submitted that the sale consideration has been reduced from the block of fixed assets for computing depreciation under the Act. He further submitted that while computing the taxable income the loss on fixed assets aggregating to Rs.5,79,374/-, on t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mitted in the computation. We find that in the copy of the Income-tax computation, the said disallowance had been mentioned but inadvertently the amount was omitted. We further note that in the balance sheet at col. No.18 of Other Expenses, Rs.5,79,374/- was shown as Loss on sale of fixed assets (page 19 of the paper book), however, in the computation in the head Loss on sale / discard of assets, the amount was not reflected (page 6 of the paper book). We also find that even during the course of assessment proceedings, all the information relating to the sale of asset had been furnished and the bonafide mistake that was made was accepted and the said amount was offered for taxation. We note that it is also not a case wherein the said amount ..... X X X X Extracts X X X X X X X X Extracts X X X X
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