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TMI Blog2017 (5) TMI 69X X X X Extracts X X X X X X X X Extracts X X X X ..... mistake and accept the application filed by Assessee under the provisions of Sec. 154 of the IT Act - appeal allowed - decided in favor of assessee. - ITA No. 1677Hyd/2016 - - - Dated:- 28-4-2017 - SMT P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI B. RAMAKOTAIAH, ACCOUNTANT MEMBER For The Assessee : Shri Laxmi Nivas Sharma, For The Revenue : Smt. Suman Malik ORDER PER B. RAMAKOTAIAH, AM This is an appeal by Assessee against the order of CIT(A)-4, Hyderabad dated 18-10-2016. The issue in this appeal is with reference to the mistake in uploading the return and consequent denial of exemption u/s 10A of the IT Act. Assessee has raised the following grounds. 2. The Ld. CIT(A) erred in coming to the conclusion that no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee filed a rectification petition u/s 154 of the IT Act before A.O requesting for rectification of order u/s 143(1) of the IT Act and the same was rejected by A.O stating that there is no mistake as envisaged in Sec. 154 of the IT Act. In the meantime, Assessee also filed a revised return, correctly reflecting the amounts involved. However A.O did not accept the same as it was filed beyond the permitted time. Consequent to the rejection of the application u/s 154 of the IT Act by the order dated 17-10- 2014, Assessee preferred an appeal to Ld. CIT(A), however, Ld.CIT(A) in the ex-parte order confirmed the action of A.O and accordingly the present appeal was preferred. 3. Ld. Counsel submitted that Assessee has wrongly entered the amo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessee has correctly claimed deduction u/s 10A of the IT Act again at ₹ 14,37,394/-. The total column also correctly shown the same amount in (v) of column No. 35. In column No. 36 pertaining to net profit or loss from business / profession, it was clearly stated as zero (0) being the resultant figure of (34)-(35V). However in column No. 37 with reference to special business, instead of mentioning zero(0), Assessee has again placed the same amount of ₹ 14,37,394/- wrongly, which were carried over to column C- income chargeable under the head profits and gains. Due to the mistake in entering in column No. 37 and consequently in item C, Assessee was visited with further demand, as the returns have processed on computer by the CP ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... For the purpose of this sub-section,-(a) an incorrect claim apparent f rom any information in the return shall mean a claim, on the basis of an entry, in the return. (i) Of an item, which is inconsistent with another entry of the same or some other item is such return; (ii) In respect of which the information required to be furnished under this Act to substantiate such entry has not been so f urnished; or (iii) In respect of a deduction, where such deduction exceeds specif ied statutory limit which may have been expressed as monetary amount or percentage or ratio or fraction; (b) the acknowledgement of the return shall be deemed to be the intimation in a case where no sum is payable by, or ref undable to, the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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