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TMI Blog2022 (2) TMI 1032X X X X Extracts X X X X X X X X Extracts X X X X ..... s also not filed revised return of income under section 139(5) of the Income-tax Act to rectify the alleged omission to claim loss in his return of income. Under section 139(5) of the Income-tax Act, an assessee can file a revised return before the completion of assessment or within one year from the end of the respective assessment year whichever is earlier. In the case on hand, admittedly, assessment has been completed based on the original return of income filed by the assessee. Therefore, the omission to claim loss in the original return cannot be termed as a mistake apparent on record. The question raised in this appeal relates to whether the appellant-assessee could make a claim for deduction other than by filing a revised return. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in law in denying lawful claim of the appellant. 4. The learned CIT (A) erred in dismissing appeal on technical ground without appreciating facts of case properly. 5. The learned CIT(A) erred in fact and on law in stating para 4.2 of order that, .....Here, in this case, what the appellant is raising is a factual issue, which has not been correctly accounted by the Accountant, either due to oversight or due to mistake. This has not been examined either on facts or in law and thus it cannot be dealt with u/s.154 as mistake apparent from the record. Thus, the AO has justifiably declined to carry out rectification as per petition filed by the appellant. Disregarding the fact that the learned AO has already examined the said loss/prof ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s loss of ₹ 23, 95,355/- which was debited to an account named Derivatives Traders (to be reconciled) and Speculation trades (to be reconciled) grouped under loans and advances (Assets). The Assessing Officer, however, rejected the rectification application on the ground that (i) the assessee himself has filed the return of income at ₹ 21,48, 070/- and the same was assessed u/s 143(3) of the Act; (ii) the assessee had ample time to correct any information wrongly filed by him, by filing a revised return of income u/s 139(5) of the I.T. Act; and the assessee had not even furnished a revised computation of income during the assessment proceedings. The appeal filed appeal before the CIT (Appeals) did not find favour with the Ld. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rent from the record. The learned DR, therefore, pleaded that the appeal of the assessee deserves to be dismissed. 6. We have considered the rival submissions and perused the materials placed before us. Any rectification of mistake under section 154 of the Income-tax Act, 1961 can be sought for only when it is apparent from the record. As evident from the section, the mistake must be one which is patent, which is obvious and whose discovery is not dependent on further investigation. 7. We shall now examine as to whether the omission to claim in the original returns for the assessment year under consideration will enable the assessee to file application under section 154 of the Income-tax Act to rectify the said omission. It is an admi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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