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2016 (3) TMI 1366 - AT - Income TaxRectification u/s 154 - sale proceeds of shares of Tripex Overseas Ltd. was considered in A.Y 2007-08, therefore, the Tribunal has wrongly confirmed the addition in A.Y 2001-02 - HELD THAT:- Tripex Overseas Ltd. shares were purchased in A.Y 2006-07 and were sold in A.Y 2007-08, therefore, sale proceeds of the shares should be brought to tax net in A.Y 2007-08 and not in A.Y 2001-02. To rectify the mistake apparent from the record, we direct the AO to verify the order passed by him for A.Y 2007-08 to ensure that there is an addition on account of sale of shares of Tripex Overseas Ltd. and if he finds that the sale proceeds of shares of Tripex Overseas Ltd. had already been taxed in A.Y 2007-08, the same should not be again added in A.Y 2001-02 under consideration. Miscellaneous application filed by the assessee is allowed in part for statistical purposes.
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