2001 (3) TMI 245 - AT - Income Tax

Summary

The appeal by the assessee relates to asst. yr. 1990-91 and emanates from the order under s. 154 of the IT Act. The assessee filed return of income on 29th Oct., 1990, declaring a total income of Rs. 12,54,130. Intimation under s. 143(1)(a) was passed on 15th Oct., 1992, accepting the returned income but interest was charged under s. 234B at Rs. 37,758. Regular assessment under s. 143(3) was completed on 31st Oct., 1992, accepting the income returned and charging interest under s. 234B of Rs. 37,758. The appeal of the assessee was accepted as the mistake in the intimation was apparent from record and should have been rectified by the Department.