Held there was an error apparent in the computation sheet and therefore demand of Rs. 45 Lakhs had arisen. If the correct income under the head income from other sources was taken, the resultant demand would be nil. The Assessing Officer was directed to take correct figure thereafter to compute the tax payable which should be nil. (AY. 2016-17)
Timblo Shipyards P. Ltd. v. NEAC (2022) 94 ITR 53 (SN) (Mum.)(Trib.)
S. 143(3) : Assessment-Computation-Income from other sources-Mistake in computation sheet-Directed to take correct figure thereafter to compute tax payable which should be nil. [S. 144C(13)]