Case Law Details
ACIT Vs Shri Punit J. Patel (ITAT Mumbai)
In application u/s.154 of the Act, the assessee has asked for rectifying the addition made of long term capital gains on sale of shares of Tripex overseas as undisclosed income. It is the assessee’s claim that the AO has made addition of Rs.3,86,192/- alleged to be bogus long term capital gain being value of shares of Tripex Ltd. in A.Y.2001-02 whereas the sale of Tripex Ltd shares was made in A.Y.2007-08 and not in A.Y.2001-02. It was contention of assessee that the AO should not have added 5% on the alleged sale of Tripex shares in the current assessment year. Deletion of such addition cannot be considered u/s.154 of the Act. Under the provisions of Section 154 of the Act, only mistake apparent from record can be rectified. The error pointed by the assessee is debatable in nature and requires long deliberation, which cannot be the subject of Section 154 of the Act. Accordingly, we do not find any infirmity in the order of CIT(A) confirming the rejection of application filed by the assessee u/s.154 of the Act.
FULL TEXT OF THE HIGH COURT ORDER / JUDGMENT
These are the cross appeals filed by assessee and Revenue as well as against the order of CIT(A) for the assessment years 2001-01 to 2007-08, in the matter of order passed under Section 143(3)/153A of the I.T.Act.
2. Common grounds are involved in all the appeals and they are related to the family members, where search was conducted, therefore, all the appeals are heard en masse and are now decided by this consolidated order.
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