Rectification u/s 154 on issue involving interpretation of various laws is unsustainable

Birla Edutech Limited Vs ITO (ITAT Mumbai)

ITAT Mumbai held that set-off of losses when there is a change in shareholding involves interpretation of various provisions and laws and hence it is not a mistake apparent from record. Accordingly, rectification power under section 154 cannot be invoked.

Facts-

The assessee company incurred loss of Rs.3,05,15,064/- in earlier AY. 2010-11 (including unabsorbed depreciation Rs.58,02,628/-) out of which Rs.70,23,243/- was set

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