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The Tax Publishers Rakesh Swadia v. ITO [ITA No. 3419/Ahd/2015, dt. 5-4-2016] : 2016 TaxPub(DT) 2144 (Ahd-Trib) Rectification scope *Facts:* Assessee was found to have sold a land for 7.15 lakhs the said land was under pledge by one Ornet group and the sale happened only by release of the pledge. Armed with this information the ITO issued notice under section 148 as no return was filed thus income was determined at 69 lakhs. On appeal ITAT remanded the case for a fresh consideration giving opportunity to the assessee. Based on the ITAT's order assessing officer assessed the income at 21,091 then issued a rectification order by adding 65 lakhs. This rectification was in question before the ITAT: Held in favour of the assessee that the rectification could not be sustained as the reason how the income of 21,091 arose and then why the addition of 65 lakhs was done without cognisance of any logic, this is not mistake apparent from record to circumscribe in the scope of rectification.

The Tax Publishers

Rakesh Swadia v. ITO [ITA No. 3419/Ahd/2015, dt. 5-4-2016] : 2016 TaxPub(DT) 2144 (Ahd-Trib)

Rectification scope

Facts:

Assessee was found to have sold a land for 7.15 lakhs the said land was under pledge by one Ornet group and the sale happened only by release of the pledge. Armed with this information the ITO issued notice under section 148 as no return was filed thus income was determined at 69 lakhs. On appeal ITAT remanded the case for a fresh consideration giving opportunity to the assessee. Based on the ITAT's order assessing officer assessed the income at 21,091 then issued a rectification order by adding 65 lakhs. This rectification was in question before the ITAT:

Held in favour of the assessee that the rectification could not be sustained as the reason how the income of 21,091 arose and then why the addition of 65 lakhs was done without cognisance of any logic, this is not mistake apparent from record to circumscribe in the scope of rectification.