Omission to claim deduction u/s 57(iv) is rectifiable under Section 154

Dhanesh Kumar Jain Vs ACIT (ITAT Delhi)

In this case Assessee by mistake not claimed deduction u/s. 57(iv) of Income Tax Act, 1961 i.e. @ 50% of interest on compensation that was received by Assessee on acquisition of his agricultural land by Land Collector. ITAT held that mistake, was in the nature of a mistake rectifiable within the meaning of section 154 of the Act.

A.O remains under a statutory obligation to deduce the ‘true income’ of an assessee, therefore, the entitlement of the

Please become a Premium member. If you are already a Premium member, login here to access the full content.