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2012 (10) TMI 854 - AT - Income TaxRectification application u/s. 154 rejected - Short term capital - normal rate of 30% OR @ 10% as provided in Sec. 111A - Held that:- In the present system of e-filing of return which is totally depended upon the usage of software, then is possible that some clerical errors may occur at the time of entering the data in the electronic form. The return is prepared electronically which is converted into an XML file either through the free down loaded software provided by the CBDT or by the softwares available in the market. In either of the case, there is every possibility of entering incorrect data without having the expert knowledge of preparing an XML file. As the assessee has claimed Short Term Capital Gains and has shown it in the revised e-return but the same figure did not appear under the item where the short term capital gain is to be taxed at special rate u/s. 111A i.e. internal page-19 of the return under Schedule CG – Capital gains under item No. 7. However, at the same time under Schedule SI-income chargeable to income tax at special rates IB the assessee has shown STCG (iiia) special rate @ 10% which clearly establishes that the assessee has shown STCG liable to be taxed at special rate of 10%. Accordingly, reversing the finding of the CIT(A) AO is directed to allow credit subject to special rate of tax as per provisions of Sec. 111A and rectify the intimation u/s. 143(1) accordingly - in favour of assessee.
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