Debatable issue cannot be rectified u/s. 154 of the Income Tax Act

Advertisement ACIT Vs Villupuram District Central Co-operative Bank Ltd (ITAT Chennai) ITAT Chennai held that only the mistake apparent from record which can be rectified but where two views are possible or there is a debate available, it cannot be rectified u/s.154 of the Income Tax Act. Facts- The assessee is a co-operative bank. The assessee’s case was selected for scrutiny assessment under CASS. The AO made certain additions by making disallowance of inadmissible items and also recomputed the claim of deduction u/s. 36(1)(viia) of the Act. The assessee is in appeal against this assess...