Income mistakenly offered to tax in return of income when assessed amounts to incorrect assessment of taxes

Advertisement Brief facts of the case relating to section 45 of the Income-tax Act, 1961 (hereinafter referred to as the “Act”) – Shri Chandrashekhar Bahirwani (hereinafter referred to as the “Assessee” or the “Appellant”) was engaged in the business of trading of tractors and machineries spare parts and accessories. For the year under consideration, the Assessee declared the income under the head ‘Business income’, ‘capital gains’ and income from ‘other sources’. In the assessment proceedings, the Assessee submitted before the Assessing Officer (hereinafter referr...