Addition of debatable nature cannot be subject of Section 154 rectification

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 as...