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| The Tax Publishers2020 TaxPub(DT) 4044 (Hyd-Trib) INCOME TAX ACT, 1961
Section 154
Whether loss from the eligible units could be set off from the profits of other eligible units was a datable issue and therefore, it could not be rectified under section 154.
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Rectification under section 154 - Mistake apparent - Debatable issue - Whether loss from the eligible units could be set off from the profits of o the eligible units
AO invoked jurisdiction under section 154 and re-computed amount deductible under section 80-IA after setting off loss of eligible units from profits of the eligible units.Held: Only a mistake which is glaring and apparent can be rectified under section 154. Whether loss from the eligible units could be set off from the profits of other eligible units was a datable issue and therefore, it could not be rectified under section 154.
Relied:CIT v. Richa & Co. 2001 TaxPub(DT) 1148 (Del-HC) and TS Balaram, ITO v. Volkart Brothers & Ors. 1971 TaxPub(DT) 355 (SC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2012-13
IN THE ITAT, HYDERABAD BENCH
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