JAYDEEP PUKHRAJ JAIN,PUNE vs. INCOME-TAX OFFICER, WARD - 3(2), PUNE

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ITA 1358/PUN/2018Status: DisposedITAT Pune29 August 2022AY 2011-123 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the AO's action of changing the section under which the addition was made via a Section 154 rectification was not permissible. Such a rectification is only allowed for obvious or patent mistakes, not for revisiting earlier findings.

What were the facts?

The Assessing Officer (AO) initially made an addition under Section 68 for Rs. 1,06,57,715/-. Subsequently, the AO rectified this order under Section 154, changing the addition to income taxable under Section 28(IV) read with Section 41(1) of the Act.

What were the issues?

Whether a Section 154 rectification can be used to change the section under which an addition was originally made, thereby revisiting earlier findings.

Which sections of the Income-tax Act were involved?

Section 154,Section 68,Section 28(IV),Section 41(1)

AI-generated summary — verify with the full judgment below

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Income Tax Appellate Tribunal, “A”

Before: SHRI S.S.GODARA & DR. DIPAK P. RIPOTE

For Appellant: Shri S.N.Puranik – AR
For Respondent: Shri Arvind Desai – DR
Hearing: 12/08/2022Pronounced: 29/08/2022

ORDER

Per S.S.Godara, JM:

1.

This assessee’s appeal for Assessment Year 2011-12 is directed against the Commissioner of Income Tax(Appeals)-4, Pune’s order dated 28.02.2017 passed in appeal no.PN/CIT(A)- 4/ITO, Ward 3(2), Pune/344, 2014-15/758, in proceedings u/s.154 of the Income Tax Act, 1961 [in short “the Act”].

Heard both the parties.

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