Return Filing Mistake Can Be Rectified If U/s 143(1) Intimation Not Served: ITAT Mumbai

Krishnaping Alloys Ltd. Vs ACIT (ITAT Mumbai) Rectification for Return-Filing Mistake Revived; Mere Dispatch Entry Not Proof of 143(1) Service The assessee’s return for AY 2006-07 correctly showed profit before tax of about ₹22 lakh, but due to an accountant’s error the gross sales figure of about ₹5.05 crore was mistakenly entered in the “income from business” column in the computation, inflating the total income to about ₹5.08 crore. The return was processed under section 143(1) on the basis of this erroneous figure, creating a huge demand of about ₹2 crore. The assessee clai...