Adjust of one block of Fixed Asset against other cannot be said to be a arithmetical mistake

CA Sandeep Kanoi Assessing Officer added last amount of short term capital gains to the tune of Rs. 54,67,547/- under section 50 of the Act. This comprised of a sum of Rs. 4,86,650/- qua factory building and Rs. 49,80,897/- relating to plant and machinery. The assessee sold the above stated assets, reduced sale consideration against WDV of the respective block of asset resulting in surplus which in turn was further adjusted against WDV of other blocks of assets. The Assessing Officer accordingly framed a regular assessment making all above stated disallowances/additions. He initiated impugned ...