A typographical error in mention of exemption section lead to a high pitched
assessment in [2023] 451 ITR 77 (Bom). As against the returned income of Rs. 68,33,07,140,
the income has been assessed at Rs. 461,72,35,403.
In seeking extension of stay from CIT (A) the assessee drawn attention to
additional evidence application but received unfavourable order stating that
the documents sought to be referred to by the assessee having not been
produced before the Assessing Officer, the same ought to be first admitted
in terms of rule 46A of the Income-tax Rules, 1962 and further that
admissibility of the said documents under rule 46A of the Rules and the
genuineness and veracity of the said documents would be gone into only at
the time of consideration of the main appeal.
As a result the assessee filed an application to the High Court seeking stay
against 20 per cent. of the demand made by CIT (A) in terms of Office
Memorandum (F. No. 404/72/93-ITCC) dated February 29, 2016 and amended
Instruction dated July 31, 2017 ([2017] 396 ITR (St.) 55 ).
Not finding any lapses on the part of the assessee the High Court allowed stay and directed the CIT (A) to decide the application
under rule 46A, which is pending before it, as also the appeal within three
months in this case of high pitched assessment.