Rejection letter under section 154 is a valid order- ITAT restores appeal for fresh hearing

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 orde...