AdvertisementIndian Oil Corporation Ltd Vs ACIT (ITAT Mumbai) Mumbai ITAT: Exempt Dividend Cannot Be Taxed Merely Due to Wrong Schedule Reporting in ITR; Technical Error Cannot Override the Act The Mumbai ITAT allowed the appeal of Indian Oil Corporation Ltd., holding that an inadvertent error in reporting exempt dividend income in the return of income cannot convert statutorily exempt income into taxable income. The Tribunal directed deletion of the addition of ₹129.95 crore made by CPC while processing the return under Section 143(1)(a). The CPC had treated the assessee’s dividend income of ₹12...