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TMI Blog2012 (9) TMI 361X X X X Extracts X X X X X X X X Extracts X X X X ..... on u/s 154 it is observed that original assessment was framed u/s 143(3) for the AY 2007-08 on 31.12.2009 and the appeal effect order was passed u/s 251/143(3) on 11.06.2010, hence within time limit. In view of aforesaid, it is held that AO has rightly rectified the mistake, which is apparent from the records that this loss cannot be carried forward in AY 2007-08 - Decided against assessee. - I.T.A. No. 1083/Kol ./2011 - - - Dated:- 29-6-2012 - Shri Mahavir Singh And Shri C.D. Rao, JJ. Appearances by: Shri D.S. Damle, for the appellant Shri L.K. S. Dehiya, CIT (D.R. ), for the respondent O R D E R Per Shri Mahavir Singh, Judicial Member: This appeal filed by the assessee is arising out of the order of ld. Commissio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AO u/s. 143(3)/251/154 of the Income Tax Act, 1961 dated 25.06.2010, in which the AO had merely rectified his earlier order u/ s. 143(3)/251 dated 11.06.2010 (and not the original assessment order u/s. 143(3) of the Act dated 31.12.2009, wherein originally the loss of Rs.27,08,66,836/ - for AY 1998-99 had been adjusted and set off against the business income of the appellant for AY 2007-08), and in rejecting the claim of the appellant for adjustment of the business loss of Rs.27,08,66,836/ - for AY 1998-99 on the basis of the above mentioned unamended assessment order dated 31.12.2009. 3. We have heard rival contentions and gone through the facts and circumstances of the case. Brief facts relating to the above issue are that for the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as under : In this case assessment u/s. 143(3) was made vide order dated 31.12.2009 determining total income at Rs.45,70,38,047/ - which was adjusted fully against business losses of AY 1998-99 and AY 1999-2000 for Rs.27,08,66,836/- Rs.18,56,63,367/- respectively. The order made u/ s. 143(3) was revised on 11.06.2010 determining taxable income nil after adjusting business losses of aforesaid years. Subsequently, it is noticed that business loss of AY 1998-99 is not allowable for adjustment against the income of AY 2007-08 as per section 72(3) of the I.T. Act. With a view to rectifying the aforesaid mistakes notice u/s. 154 dated 21.06.2010 was served on the assessee on 21.06.2010 fixing hearing on 25.06.2010. Sree B. Chatterjee (FCA), ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... found by the AO that as per the provision of section 72(3) of the Act time available for set off is only eight years and which has already lapsed. Accordingly, the necessary rectification was carried out . Being aggrieved, the assessee is now in appeal before us. 5. We find that the original assessment order passed under section 143(3) of the Act dated 31.12.2009 whereby brought forward business loss for assessment year 1998-99 was allowed to be carried forward at Rs.27,08,66,836/- and the same was also allowed to be carried forward in appeal effect order dated 11.06.2010 under section 251/143(3) of the Act. We find that the Assessing Officer noticed that as per sect ion 72(3) of the Act , this loss can be adjusted upto eight years only ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd that the Assessing Officer has talked of rectifying the appeal effect order dated 21.06.2010 framed under sect ion 143(3) and which was revised in view of the appeal effect given on 11.06.2010. It means that the Assessing Officer has rightly rectified the mistake, which is apparent from the records that this loss cannot be carried forward in assessment year 2007-08. Hence, we are of the view that the lower authorities have rightly invoked the provisions of sect ion 154 of the Act and rectified the mistake. We confirm the order of lower authorities and this issue of the assesee is dismissed. 6. In the result, the appeal filed by the assessee is dismissed. Order pronounced in the open Court on 29t h day of June, 2012. - - TaxTMI - T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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