M/s. Krishnaping Alloys Ltd. vs ACIT 2(1)(1), Mumbai

Parties Involved

Facts Summary

The assessee, M/s. Krishnaping Alloys Ltd., filed a return for the assessment year 2006-07 declaring a total income of Rs. 5,08,20,471/- and paid advance and self-assessment taxes. During the processing of the return under section 143(1), a demand of Rs. 2,00,93,090/- was raised due to an erroneous entry by the assessee’s accountant, who mistakenly filled the gross receipt in the net profit column instead of the correct net profit. The assessee claimed non-receipt of the intimation under section 143(1) and filed a rectification petition under section 154, which was rejected by the Assessing Officer (AO). The assessee then appealed to the Commissioner of Income Tax (Appeals) (CIT(A)), whose order was also unfavorable. Consequently, the assessee filed the present appeal before the Income Tax Appellate Tribunal (ITAT).…

Legal Issues

• 1. Whether the error in the return of income constituted a mistake apparent from the record justifying rectification under section 154 of the Income Tax Act, 1961.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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