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TMI Blog2018 (3) TMI 1034X X X X Extracts X X X X X X X X Extracts X X X X ..... assed the rectification order. The only obvious and patent mistake that are apparent from record can only be rectified u/s 154 of the I.T.Act. In the instant case, the mistakes, if at all, that was sought to be rectified u/s 154, can be done only after detailed examination of the books of account, balance sheet and profit and loss account of the assessee and such detail examination cannot be made while passing order u/s 154 of the I.T.Act. Hence, we are of the view that the CIT(A) has correctly quashed the order u/s 154 passed by the Assessing Officer. - Decided against revenue - ITA No.452/Coch/2016 - - - Dated:- 15-3-2018 - Shri Chandra Poojari, AM And Shri George George K, JM For The Appellant : Smt.Swapna Nanu Ambat For The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tax (Appeals) on the above points may be set aside and that of the Assessing Officer restored. 3. Brief facts of the case are as follow:- 3.1 The assessee is a Co-operative Bank. For the assessment year 2007-2008, assessment u/s 143(3) of the Income-tax Act was completed vide order dated 16.12.2008, determining a loss of ₹ 3,39,64,430. Subsequent it was noticed by the Assessing Officer that assessee had debited the following amounts in the profit and loss account, which according to the A.O. were inadmissible as per the provisions of the Income-tax Act, 1961. ( i) NPA Provisions Rs.2,13,02,000 ( ii) Other Reserves Provisions ₹ 47,83, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... showing the proposed additions. Assessee s Authorized Representative appeared and reply filed. Assessee s contentions are found to be not acceptable. Accordingly the order u/s 143(3) is revised as under:- Loss assessed as per order u/s 143(3) Rs.(-)3,39,64,430 Add : Income escaped Assessment ₹ 2,60,85,652 Actual loss ₹ 78,78,778 4. Aggrieved by the order passed u/s 154 of the Act, the assessee preferred an appeal to the first appellate authority. The CIT(A) quashed the rectification order passed u/s 154 of the I.T.Act and allowed the appeal of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the CIT(A), the Revenue has filed the present appeal before the Tribunal. The learned Departmental Representative strongly relied on the grounds raised. 6. The learned AR has filed an adjournment application. However, we rejected the same and proceed to dispose of the case on merits. 7. We have heard the learned Departmental Representative and perused the material on record. Notice u/s 154 dated 10.11.2010 was issued to the assessee calling for its objection. In response to the notice issued u/s 154, the assessee filed detailed objection vide reply dated 16.03.2011. In the said letter filed by the assessee it was pointed out that the NPA provisions was made as per the provisions of section 36(1)(viia) of the I.T.Act. It was been subm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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