ITAT quashes section 263 order in respect of correction of arithmetical mistake

Kyal Agencies Private Limited Vs PCIT (ITAT Cuttack) Admittedly, in the present case, in respect of the issue of sundry creditors, the powers invoked by the ld. Pr.CIT u/s.263 of the Act is in effect only for the purpose of rectification of the arithmetical mistake being the totalling difference between the total as arrived at by the AO in the original assessment order and the total as determined by the ld. Pr.CIT in his revisionary order. The total as arrived at by the Pr.CIT in his order is also erroneous insofar as it is short by Rs.27000/-. In any case, in regard to the issue of genuinenes...