{"id":12710,"date":"2020-10-07T10:38:57","date_gmt":"2020-10-07T10:38:57","guid":{"rendered":"https:\/\/itatonline.org\/digest\/nagaraj-and-company-pvt-ltd-v-acit-2020425-itr-412-madhc\/"},"modified":"2021-06-04T09:57:21","modified_gmt":"2021-06-04T04:27:21","slug":"nagaraj-and-company-pvt-ltd-v-acit-2020425-itr-412-madhc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/nagaraj-and-company-pvt-ltd-v-acit-2020425-itr-412-madhc\/","title":{"rendered":"Nagaraj and Company Pvt. Ltd. v. ACIT (2020)425 ITR 412\/ 196 DTR 190\/ 274 Taxman 38 (Mad)(HC)"},"content":{"rendered":"<p>Dismissing the appeal the court held that\u00a0 claim of deduction of interest under S. \u00a043B\u00a0, which was omitted by the assessee-company while filing the original returns could be adjudicated by the Assessing Officer only through a process of investigation. The payment of interest to IDBI was never disclosed by the assessee in the Income-tax returns. Unless the tax returns disclosed interest payments, it was impossible for the Assessing Officer to assist the assessee to rectify the alleged mistake of omission to claim deduction for interest payments under S. \u00a043B\u00a0. Hence, the omission claimed by the assessee would not fall under the category of a \u201cmistake apparent from the record\u201d. The deduction could not be granted under section\u00a0154\u00a0. The objects of S.\u00a0139(5)\u00a0and S. \u00a0154\u00a0are different. In case of omission, the only remedy available is under S.139(5)\u00a0by filing revised returns. ( AY.2003-04, 2004-05)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 154 : Rectification of mistake -Claim requiring investigation \u2014 Deduction cannot be granted in rectification proceedings [ S.139( 5 ) <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-12710","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3j0","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12710","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=12710"}],"version-history":[{"count":3,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12710\/revisions"}],"predecessor-version":[{"id":18906,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12710\/revisions\/18906"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=12710"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=12710"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=12710"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}