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2022 (9) TMI 975 - Income Tax
Reopening of assessment u/s 147 - premature surrendered of policy amount deposited in assessee’s bank account - HELD THAT:- Section 45 lays down the tenets for the charge of capital gains tax. The computation of that tax is to be done in accordance with the modus prescribed under section 48. The benefit of indexation of cost of such units should thus be made available on repurchase or redemption of such units. In fact the entire amount was received u/s 80CCB(2) is not liable to be taxed in the hands of the assessee.
Assessee argued the legal issue & pointed out that the information was received from AIR Data base and the issue was agitated before the appellate authority. But the CIT(A) had not passed any speaking order against the assessee’s submissions. The fact related application section 45(6) was also had not discussed by any of the revenue authorities.
Considering the veracity of the legal position& application of charging section related calculation of tax, the matter is setting aside to ld. CIT(A) for speaking order. Accordingly, the matter is setting aside to the ld. CIT(A) for further adjudication and is directed to pass a speaking order related to the legal point for reopening of u/s 148 on basis of the AIR Information& calculation of income under perview of section 45(6) of the Act. Needless to say, the assessee should get a reasonable opportunity for substantiate his claim and the revenue should accept and adjudicate the documents which will be filed by the assessee during the proceeding. Appeal allowed for statistical purposes.