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TMI Blog2015 (11) TMI 268X X X X Extracts X X X X X X X X Extracts X X X X ..... ued on behalf of the assessee and Shri.Md.Ghayasuddin, JCIT, the Learned Senior DR argued on behalf of the revenue. 3. The only issue to be decided in this appeal is as to whether the omission to disallow a sum of Rs. 10,2,7456/- towards loss on sale/exchange of fixed assets in the original assessment is a mistake apparent from record or not in the facts and circumstances of the case. 4. The brief facts of this issue is that the assessee purchased a CT Scan machine during the assessment year under appeal by way of exchange of old CT scan machine available with it. On exchange of old CT scan machine, the assessee debited a sum of Rs. 10,27,456/- as loss on sale of fixed assets in its books of accounts and debited the same in the profit and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tation of taxable income by the assessee and by the Learned AO in the assessment proceedings and hence he argued that the loss on sale of fixed assets is only incidental to the business and is allowable as deduction. He further argued that only the net addition to CT scan machine (i.e the purchase cost of new CT scan machine less the old CT scan machine exchanged) is reflected in the income tax depreciation schedule and depreciation claimed accordingly by the assessee which is not disputed by the Learned AO. The Learned AR argued that the notice issued u/s 154 which is also placed on record in the paper book filed by the assessee is very vague and did not indicate the apparent mistake from record and accordingly placed reliance on the decis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing and very obvious. Now let us get into the decision of the Hon'ble Apex Court relied by the Learned AR in the case of Addl CIT vs Shreyas Gramin Bank reported in 2012 (9) TMI 518 (Civil Appeal No. 4801 of 2007 dated 12th September 2012) - Supreme Court wherein it was held as below:- Head notes: "Rectification of mistake - Notice u/s. 154- Held that;- The said notice is ytotally vague as AO has not even indicated as to on what basis he has allowed excess set-off-notice u/s. 148 issued squarely on the basis of notice under Section 154- both the notices set aside- in favour of assessee." Held/Order: "Heard learned counsel on both sides. We have gone through the Notice under Section 154 of the Income Tax Act, 1961 [ 'Act ..... X X X X Extracts X X X X X X X X Extracts X X X X
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