Y Srinivasa Raju & Company Private Limited Vs ITO (ITAT Bangalore)
Assessee, a real estate company, failed to file its return of income. Based on information regarding a property sale, reassessment was initiated u/s 148. Assessee filed its return declaring income of ₹1.41 crore & AO accepted long-term capital gains of ₹1.57 crore & passed the order under section 147 r.w.s. 144B. Assessee later filed a rectification application u/s 154 contesting an error in the computation of interest.
Assessee preferred an appeal before CIT(A) wherein the assessee challenged the order. CIT(A) stated that there is no order passed u/s 154 & therefore the appeal of the assessee was dismissed as technically defective.
Tribunal noted that Assessee attached with Form-35 an online service of orders – letter which is according to the Tribunal is the order passed u/s 154, rejecting the rectification application of Assessee. Tribunal held that this order has been construed by CIT(A) as merely a letter & not an order. Tribunal held that the appeal was wrongly dismissed on technical grounds & directed the CIT(A) to consider the matter on merits.
FULL TEXT OF THE ORDER OF ITAT BANGALORE
1. Captioned appeal is filed by M/s. Y Srinivasa Raju & Company Private Limited [ Assessee/ Appellant] for the A.Y. 2015-16 against the Appellate Order passed by National Faceless Appeal Centre, Delhi (“the Ld.CIT(A)”] dated 24.02.2025 wherein the appeal filed by the assessee against the rectification order passed under section 154 of the Income Tax Act, 1961 (“the Act”) dated 28.08.2024 by the Income Tax Officer, KAR-W-(131)(3), was dismissed for statistical purposes. The assessee is aggrieved.
