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2023 (5) TMI 1258 - AT - Income TaxRectification of mistake u/s 154 - Jurisdictional High Court case has not been considered - claim of ‘long term capital loss’/’short term capital loss’ on the sale of the shares rejected as same was not filed in return of income as per sec 139(1) - assessee revised the return of income filed u/s 153A wherein the assessee revised the long term capital loss and offered the same as short term capital loss - Tribunal has not allowed either the claim of the ‘long term capital loss’ filed in the original return of income u/s 153A or claim of ‘short term capital loss’ filed in the revised return of income u/s 153A - assessee submitted that this loss from the sale of the shares was revised as shares were held only for a period of 35 ( thirty five) months and therefore eligible for short term capital loss only. HELD THAT:- As decided in the case of JSW Steel Ltd. [2020 (2) TMI 307 - BOMBAY HIGH COURT] wherein it is held that in case of the abated assessment new/fresh claim made in the return of income filed u/s 153A of the Act is eligible for deduction. Since, in the case of the assessee the decision of the Jurisdictional High Court has not been considered which is a mistake of the law apparent from record as held in the case of ACIT v. Saurashtra Kutch Stock Exchange Ltd. [2008 (9) TMI 11 - SUPREME COURT] that non-consideration of decision of the Jurisdictional High Court or Supreme Court is a mistake apparent from record and which can be rectified u/s 254(1) of the Act. Miscellaneous Application of the assessee is allowed.
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