ITAT allows rectification of Mistake by Assessee in treating Capital receipts as revenue receipt

DCIT Vs Kashmir Steel Rolling Mills (ITAT Amritsar) The undisputed facts in the present case are that the assessee claimed excise duty refund and interest subsidy as revenue receipt in the return of income and the assessment order was passed on 17.12.2009. The Hon’ble Jurisdictional High Court of J & K in the case of Shree Balaji Alloys vs CIT (supra) vide order dated 31.03.2011, has held the said excise duty refund and interest subsidy as capital receipt. The assessee moved an application u/s 154 of the Act before the AO which was rejected. The arguments made by the Ld. DR that there ca...