Case Law Details
CIT Vs. M/s Varindra Construction Company (P&H HC)
Issue- Whether assessing Officer has jurisdiction to rectify the original assessment u/s 154 of the Act, as it was change of opinion and the review of order passed by his predecessor was not permissible under law.
Held – That assessing officer has a power to rectify the assessment by invoking the provisions of Section 154 of the Act. The rate of depreciation claimed by the assessee on trucks at 40% was wrongly allowed as the assessee was not plying trucks owned by it on hire but was utilizing the trucks for its own purposes and hence rate of depreciation applicable was 25%.
HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH
ITA No. 209 of 2003
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Filed ITR-6 of a Private Limited Co. for Asstt year 2010-11 on 29/09/2010.
There was a C/F Loss of more than 8.00 LAc.
Current year (31/03/2010) Taxable Income was about 3.50 Lac
Fill C/F and Set off Loss form and fill the figures of 3.50 lac in Form ITR-6
but whiling filling ITR-6 the loss was not set off due to some mistake or Set off Button not clicked.
Got order of Demand on Income of 3.50 Lac.
Rectification send on 02/03/2012 and explained that the C/F loss cd. not be set off while filling the ITR-6 , actually it belongs and C/F from since last 5-6 years. and after Set off Current yr Income will be NIL
Rectification Rejected on the Ground that:-
Its not a mistake apparent from record as Tax has been computed correctly on the returned Income , Fresh claim or change of Income is not allowable U/s 154. Income
Whether C/F loss not set off while filling ITR-6, but C/F loss is mentioned in ITR-6 could not be rectified U/S 154?
Kindly reply
CA. Vinod K.Garg
9814211142
Thanks in Anticipation