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 off against the income earned for AY. 2012-13. The AO while passing the scrutiny assessment on 30.03.2015 u/s 143(3) of the Act a...