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2021 (8) TMI 1183 - AT - Income TaxRetraction of surrender of LTCG - Transaction were accepted as bogus but later claimed as Genuine - CIT-A did not admit the additional ground of appeal - claiming the Long Term Capital Gains earned as exempt - surrender made by the assessee of alleged bogus Long Term Capital Gain by way of filing a revised return revoked by SEBI order - HELD THAT:- We find merit in the contention of the Ld. Counsel for the assessee that the additional grounds raised by the assessee before Ld. CIT(A) were wrongly refused to be admitted by him. The assessee has suitably demonstrated before us the reason for revoking the surrender originally made before the AO of Long Term Capital Gain as being on account of the scrip transacted in by the assessee having subsequently been found to be genuine by the order of the SEBI. The surrender no doubt was made on account of certain evidences collected during survey at the assessee’s premises to the effect that the claim of Long Term Capital Gains on the sales as exempt was bogus. Subsequent event of the SEBI order holding the transaction in the said scrip to be genuine was sufficient enough for the assessee to raise a legitimate ground before the Ld. CIT(A) for claiming the Long Term Capital Gains earned as exempt. As rightly pointed out by the assessee it is settled law that the assessee is entitled to make a claim before the worthy CIT(A), for the first time. The decision of the Hon’ble Apex Court in the case of Jute Corporation of India [1990 (9) TMI 6 - SUPREME COURT] and the decision of CIT v. Pruthvi Brokers & Shareholders [2012 (7) TMI 158 - BOMBAY HIGH COURT] settles the said issue in favour of the assessee. CIT(A) directed to admit the additional ground raised by the assessee and thereafter adjudicate the same in accordance with law
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