Investment Source once accepted by AO cannot be Rectified using S.154: ITAT sets aside Income Tax Assessment Order [Read Order]

The source of the investment which was accepted by AO in his original assessment order cannot be revised in an order under section 154 of the Income Tax Act as it cannot be said to be a mistake apparent from record
ITAT- ITAT Delhi - Income Tax Assessment Order - Assessment Order - Assessing Officer -Section 154 of the Income Tax Act - Taxscan

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) set aside the Income Tax Assessment Order, emphasizing that an Investment Source, once accepted by the Assessing Officer ( AO ), cannot be rectified under Section 154 of the Income Tax Act, 1961. The assessee SMT. Kanta  had made an investment of Rs….

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