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2018 (11) TMI 1112 - ITAT CHENNAIAmount receive on liquidation of the stock held - short term capital gain - Held that:- It is obvious that the findings of the AO as well as that of the CIT(A) and their decision to treat the entire amount receive on liquidation of the stock held by him under the ESO scheme as perquisites under the head income from salary is erroneous. It is further pertinent to mention that the income should be assessed in the hands of the assessee not in accordance with what is stated in the Form 16 issued by the employer but only based on the actual facts and as per the provisions of the Act. As pointed out by AR we find that there is discrepancy in the observation made by the Ld.AO in his order and the return of income filed by the assessee. In the assessment order, the Ld.AO has mentioned that the assessee had claimed short term capital gain however as observed from the return of income, the short term capital gain earned by the assessee is stated as ₹ 8,14,232/-. It is further stated in the assessment order that the assessee had offered income as ₹ 4,18,23,600/- however in the return of income, the assessee has declared income from salary as ₹ 2,74,92,222/-, short term capital gain ₹ 8,14,232/-, and income from other source ₹ 9,705/-, thus the total income returned by the assessee was for ₹ 2,83,16,159/-. Since there is discrepancy with respect to facts observed by the Ld.AO and the return of income filed by the assessee, in the interest of justice, we hereby remit the entire matter back to the file of Ld.AO to verify the facts from the records and thereafter decide the matter in accordance with merit and law and as per our observations made herein above. Assessee allowed for statistical purposes
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