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2022 (6) TMI 1432 - ITAT BANGALOREAddition to income declared - difference in figures between Schedule SI (Income that are subject to a special rate of tax) and Schedule CG (capital gain) and Schedule OS (Other source) - HELD THAT:- AO has ignored schedule BFLA (Brought Forward Loss Adjustment) while making addition. In Schedule CG the STCG on Shares/Units on which STT was paid which is to be taxed only at 15% is shown as Rs.1,41,384 whereas this figure after BFLA of Rs.33,007 is Rs.1,08,733. Similarly in Schedule SI, LTCG on others of Rs.5,52,538 is claimed as taxable at 20% and the corresponding figure in Schedule CG is shown at Rs.7,62,220. This figure after BFLA of Rs.2,09,682 is Rs.5,52,538. Thus it is clear that if schedule BFLA is considered then there will not be any discrepancy. Assessee did not participate in the proceedings before CIT(A) and could not explain this aspect. This aspect requires examination by the AO and therefore the issue has to be set aside to the AO for fresh consideration. AO will look into the schedule BFLA also and thereafter decide the issue afresh after affording the assessee opportunity of being heard. Credit for taxes paid in US - As one of the requirements is that the assessee has to file Form 67 which was filed before the AO only after the date of intimation u/s 143(1). Filing of Form No.67 is only a procedural requirement and therefore that cannot be the basis to deny credit for taxes paid in US. AO shall consider the claim of the assessee for credit for taxes paid in USA also in the set aside proceedings. AO will afford opportunity of being heard to the assessee in the set aside proceedings. Allow appeal of the assessee for statistical purposes.
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