No Rectification u/s 154 for mistake from long drawn process of reasoning

Brief of the Case Karnataka High Court held In the case of K.S. Venkatesh vs. DCIT that The Hon’ble Apex Court in T.S.Balaram Vs Volkart Brothers and others reported in 1971 (82) ITR 50 has observed that a mistake apparent on the record must be obvious and patent mistake and not something which is established by long drawn process of reasoning. Thus, keeping in mind the finding of this case, in the instant case the Assessing Officer sought to rectify the original assessment order on the ground that carried forward business loss could have been set off against “Business Income” only is no...