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2019 (1) TMI 582 - AT - Income TaxCapital gain computation - adoption of correct cost of acquisition - this case being converted to the limited scrutiny case in the ITD/STT system - whether the Assessing Officer can over reach his jurisdiction in the case of limited scrutiny cases ? - Held that:- Assessing Officer has to make correct assessment as it is trite to say that the Assessing Officer has to make correct assessment under section 143(3) and he is obliged to entertain the claim made during the proceedings and the tax cannot be levied on ignorance of law but income has to be computed in accordance with the provisions of law. The correct income has to be assessed and there is no bar for not entertaining the claim/issue raised by the assessee in limited scrutiny proceedings, if the same has been raised by the assessee, we clarify that according to the CBDT Instruction No. 7 of 2017 certainly there is bar on the jurisdiction of the Assessing Officer to go beyond the subjected issue(s) under limited scrutiny cases, however, he is not restrained to adjudicate the issue(s) raised by the assessee. Hence, in view of the above, the case is remanded to the file of the Assessing Officer to adjudicate the claim of the assessee - Appeal filed by the assessee is allowed for statistical purpose.
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