Case Law Details
Case Name : The Commissioner of Income Tax- III Vs. M/s Varindra Construction Company (Punjab & Haryana High Court)
Related Assessment Year :
Courts :
All High Courts Punjab and Haryana HC
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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 hen...
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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