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TMI Blog2024 (3) TMI 424X X X X Extracts X X X X X X X X Extracts X X X X ..... 1) of the Act dated 24.02.2012 had accepted the income disclosed by the assessee firm in its revised return of income. Considering the fact that the assessee firm had itself filed its return of income (revised) declaring an income we are unable to comprehend as to on what basis the acceptance of the said returned income by CPC, Bengaluru could be held as suffering from a mistake apparent from record rendering the same amenable for rectification u/s. 154 of the Act. As observed by the CIT(Appeals), and rightly so, as intimation issued by the CPC, Bengaluru was based on the revised return of income filed by the assessee firm, and no adjustment had been carried out, therefore, the A.O in absence of any mistake apparent from record had rightly ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m had filed its return of income (original) on 21.07.2011, declaring its net taxable income at Rs. 39,44,780/-. Thereafter, the assessee revised its return of income on 03.09.2011 at Rs. 74,54,460/-. The return of income (revised) filed by the assessee on 03.09.2011 was processed by CPC, Bengaluru u/s. 143(1) of the Act on 24.02.2012, wherein the returned income of Rs. 74,54,460/- (supra) was accepted as such. 3. On 18.10.2019, the assessee firm filed an application u/s. 154 of the Act. As is discernible from the record, it was the claim of the assessee that the CPC, Bengaluru in the intimation issued u/s. 143(1) of the Act dated 24.02.2012 had wrongly taken its income under the head Profit and gains from the business or profession at Rs. 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee firm as was so disclosed by it, therefore, no mistake was apparent from record. Accordingly, the CIT(Appeals) approved the view taken by the A.O by observing as under: The facts of the case are that the assessee claims that original return of income was filed on 21.07.2011 declaring income of Rs. 39,44,780/-. Revised return of income was filed on 03.09.2011 wherein assessee disclosed profit from business and profession from sale of fixed assets of Rs. 35,09,675/- and income from long term capital gains at Rs. 41,15,460/- thus total income was shown at Rs. 74,54,460/- which was processed on 24.02.2012 by CPC. Appellant filed a rectification application dated 18.10.2019 seeking rectification of the mistake showing total income at R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pproving the order passed by the A.O u/s. 154 of the Act. Elaborating on his contention, it was submitted by the Ld. AR that the assessee firm during the year under consideration was only in receipt of income from sale of land situated at Mathpurena that was offered for tax in the original return of income under the head Long Term Capital Gain (LTCG) aggregating to Rs. 41,15,460/-. The Ld. AR had drawn our attention to the computation of income pertaining to the original return of income that was filed by the assessee firm on 21.07.2011. The Ld. AR had also drawn our attention to the Profit and loss account of the assessee firm wherein gain on sale of the aforesaid land was credited, Page 5 of APB. Carrying his contention further, the Ld. A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... htfully considered the issue involved in the present appeal in the backdrop of the contentions of the Ld. Authorized Representatives of both the parties. Admittedly, the assessee firm had revised its return of income on 03.09.2011 declaring an income of Rs. 74,54,460/-. As is discernible from record, the CPC, Bengaluru vide intimation u/s. 143(1) of the Act dated 24.02.2012 had accepted the income disclosed by the assessee firm in its revised return of income. Considering the fact that the assessee firm had itself filed its return of income (revised) declaring an income of Rs. 74,54,460/- (supra), we are unable to comprehend as to on what basis the acceptance of the said returned income by CPC, Bengaluru could be held as suffering from a mi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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