Can a application for rectification be filed where the assessing officer makes an addition under 69A when the section is not applicable<\/p>\n
In the present case the addition has been made on account of a “transaction” recorded in the books of account. In the present case the assessee a stock broker on clients orders\u00a0 executed orders of\u00a0 \u00a0purchase and sale of shares through the national stock exchanges. on behalf of an alledged paper company\u00a0 duely registered with the ROC all transaction being carried out through banks and dmat accounts.<\/p>\n
The total amount RECEIVED on account of such transactions was around 5 cr. and the total amount PAID\u00a0 out was 27cr. The A.O made an addtion of Rs. 5 cr. ( ignoring the amount paid amounting to Rs.27 cr.)\u00a0 to the returned income on account of this “transaction” under sec 69A ignoring the amount paid,\u00a0 whreas addition under this section can be on account of “valuable article is not recorded in the books of account, if any, maintained by him for any source of income<\/strong>, and the assesse offers no explanation about the nature and source of……”<\/em><\/p>\n Where the assessing officer himself states that the addtion is made on account of this “transaction” which is recorded in the books can an addtion be made u\/s,69A .<\/p>\n Is this not an error apparent on record ?<\/p>\n Should this not be rectified on an application made under\u00a0 U\/s.154.?<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[139],"qa_category":[23],"qa_tag":[395],"class_list":["post-34461","qa","type-qa","status-publish","hentry","qa_expert-research-team","qa_category-income-tax","qa_tag-rectification"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/34461","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=34461"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=34461"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=34461"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=34461"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=34461"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}