The assessee is a public company and in the ITR6 for AY 17-18, there was a mistake in capital gains computation where COA was erroneously written as 1.40 crores instead of 1.14 crores. Due to b/f business losses, tax liability for the year was NIL and the error did not draw assessee's attention.
Subsequently, 143(3) order was passed where some additions were made on a different matter by AO. During assessment proceedings, Capital Gains was never a topic for consideration.
After indexation, the impact of the clerical error is huge.
Does this seem like a case where a rectification petition u/s 154(1) might lead to relief for assessee?
This is a mistake apparent from record but I am unsure if petition can be filed in the above circumstance.
What other avenues are available for relief in such a case?
Any help will be highly appreciated.
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Rectification u/s 154
Replies (2)
Quick Summary
Yes recitifable under section 154
Yes
The mistake is apperant from records
Therefore petition can file for rerification under section 154.
The mistake is apperant from records
Therefore petition can file for rerification under section 154.
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