Rectification of mistake by ao u/s 154
This query is : Resolved
21 March 2014
The Assessing Officer has taken the Cost of Acquisition(CoA)as NIL for Inherited Land prior to 01/04/1981 for computation of LTCG. Whether this mistake can be rectified U/s 154?
21 March 2014
yes as "it is mistake apparent from the record"....which is covered by sec 154
21 March 2014
If the assesee had a claim of COA in the return filed, then it is a mistake of the AO rectifiable u/s 154.
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