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2013 (12) TMI 122 - ITAT CHENNAIReassessment u/s 147 - Escaped Income - Held that:- The assessee has earned profit on sale of shares which is exempt under section 10(38) which was the part of profit and loss account - The failed to mention this amount in the schedule of exempted income - This cannot be the income escaped from assessment - This was claimed in the return of income, but, there was only a mistake in the code under which the claim was made - Assessee had not made any claim unconnected with the item of income alleged to have been concealed by it, nor it had raised a fresh claim genetically different from one which was made in the return of income - Exemption under Section 10(38) is a statutory allowance for long term capital gains arising out of sale of listed equity shares on which securities transaction tax have been paid - It is not a case of claim for deduction by way of expenditure - Assessee was entitled to such claim and it could not have been denied for a technical reason that the serial number against which the claim was made in the return of income was incorrect - None of the authorities had verified whether the amount effectively represented sale proceeds of listed securities - The issue was remitted back to the file of the Assessing Officer for fresh decision.
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