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2017 (4) TMI 1503 - AT - Income TaxAddition to income from other sources - interest income u/s 34 of the Land Acquisition Act - CIT-A held that amount was received u/s 28 of the land Acquisition Act which is exempt from tax - HELD THAT:- We find that the order of Ld.CIT(A) is based on binding precedent in the case of CIT vs Ghanshayam HUF [2009 (7) TMI 12 - SUPREME COURT]. In view of the factual clarification issued by the Land Acquisition Officer, Urban Estate, Faridabad, as aforesaid and in view of the binding precedent of Hon’ble Apex Court in the case of CIT vs Ghanshayama HUF (supra), we decline to interfere with the order of the Ld.CIT(A) as far as first ground of appeal before us, regarding addition is concerned. Therefore, first ground of appeal in the appeal filed by the Revenue is dismissed. Income of the assessee in accordance with return filed by the assessee u/s 139(4) - whether CIT(A) is empowered under the Act reduce the returned income of Assessee after expiry of period specified u/s 139(5) and without any revised returned filed by assessee u/s 139(5) ? - HELD THAT:- In the instant case a fresh investigation of facts on merits of the claim made by the assessee was necessary, the opportunity for which was not given by the Ld.CIT(A) to the AO. In any case, in view of the clear legal position under sections 143(2), 139(1), 139(4) and 139(5) of the Act as discussed earlier in detail; and in view of the facts and circumstances as discussed earlier in detail; and in view of precedents in the cases of Goetze (India) Pvt. Ltd. [2006 (3) TMI 75 - SUPREME COURT] and CIT vs Sun Engineering Works (P) Ltd. [2006 (3) TMI 75 - SUPREME COURT] we hold that the Ld.CIT(A) erred in favourably considering the claim of the assessee for the aforesaid amount - Accordingly, we set aside the order of the Ld.CIT(A) on this issue and reverse his direction given to the AO to reduce the taxable income - We direct that this amount will continue to be included as income of the assessee in accordance with return filed by the assessee u/s 139(4) of the I.T.Act. Thus, second ground of appeal filed by the Revenue is allowed. Benefit of indexation in respect of long term capital gain - HELD THAT:- We are of the view that the order of Ld.CIT(A) on this issue is a well-reasoned order and in accordance with law in the facts and circumstances of this case. Ld. DR has failed to make out a case for any interference with the order of Ld.CIT(A) on this issue. The order of the Ld.CIT(A) is also based on precedent of Hon’ble Delhi High Court in the case of Arun Shungloo Trust [2012 (2) TMI 259 - DELHI HIGH COURT]. In view of the foregoing, we decline to interfere with the order of the Ld.CIT(A) on this issue and dismiss third ground of appeal filed by the Revenue. Accordingly, the order of Ld.CIT(A) on this issue is upheld.
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