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 assessee before us towards deduction u/s 57(iv), which is inextricably interwoven or in fact intertwined ...