Section 154 of Income Tax Act, 1961—Rectification of mistake—In the instant case, AO issued notice u/s 154 of the act stating that the income which was surrendered during the course of survey attracted provisions of section 69 of the Act and as per the section 115BBE of the Act, the tax should have been calculated @ 30%.

Held that—on the said issue the ITAT Jodhpur (SMC) Bench vide its order dated 25.5.2018 held that the provisions of section 115BBE of the Act were not applicable if the surrender was made on account of excess stock found during the course of survey. So, the issue was a debatable, therefore, the Ld. CIT(A) was not justified in confirming the action of the Assessing Officer for making the rectification u/s 154 of the Act. Accordingly, the impugned order is set aside and it is held that the provisions of section 154 of the Act were not applicable in the present case and the Assessing Officer was not justified in making the rectifications u/s 154 of the Act.[SHRI PAWAN KUMAR (HUF) , GHARSANA, SMT. POOJA GOYAL GHARSANA, SMT. RANI BANSAL GHARSANA, SHRI GULJAARI LAL (HUF) , GHARSANA VERSUS THE ITO, SURATGARH] [2019] 13 ITCD Online (6) [ ITAT JODHPUR]