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2023 (2) TMI 799 - ITAT CHANDIGARHRectification of mistake u/s 154 - LTCG computation - cost of acquisition while computing the capital gains - AO/CPC not reducing a sum from working of the profits of business or profession as the said sum represented sale proceeds of immovable property which had been credited to the Profit and Loss Account and while filing the return, the same had been duly considered under the head income from capital gains - HELD THAT:- Adjustment to gross total income as per the intimation issued by the CPC has arisen on account of capital gains which has to be segregated from profit/loss and considered under the head “capital gains”. In the return of income, the assessee has reduced the sale consideration from profit /loss account and offered the same under the head long term capital gains. CPC however has adjusted and reduced only a figure of Rs 2,06,559/- which has resulted in higher income by Rs 17,83,441/-under the head “profit/loss from business/profession”. It is an admitted fact that the assessee has offered the long term capital on sale of the plot of land and which has been considered along with long term capital loss of Rs 23,31,449-/ and after setting off, long term capital loss has been allowed by CPC to the extent of Rs 17,51,746/-. In light of aforesaid, it is clearly a mistake apparent from record and the same is hereby directed to be deleted. Appeal of the assessee is allowed.
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