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2020 (2) TMI 371 - HC - Income TaxCIT (Appeals) jurisdiction to entertain the additional grounds - rejection of the application under section 154 - amount of short term capital gain on the sale of debts funds was inadvertently considered as business income in the appellant's return - whether the CIT (Appeals) had the jurisdiction to entertain this additional grounds in the appeal instituted by the appellant questioning the Assessing Officer's order dated 12/12/2011 made under section 143 (3) of the said Act, even though such grounds neither flow from any change of circumstances or the law nor is it that such grounds were unavailable to the appellant/assessee at the stage of filing the return or during the progress of the assessment proceedings before the Assessing Officer? HELD THAT:- The substantial questions of law as framed are required to be answered in favour of the appellant/assessee and against the respondent/revenue to the extent of holding that the CIT (Appeals), in the facts and circumstances of the present case, did have the jurisdiction to entertain the two additional grounds raised by the appellants in the context of payment of the amount of ₹ 52,14,543/- as short terms capital gain and the addition of amount of ₹ 5,90,093/- to the business income in the return filed by the appellant. However, in the present case the ITAT after holding that the CIT (Appeals) lacked the jurisdiction to entertain the two additional grounds has proceeded to observe that even on merits, the CIT (Appeals) was wrong in exercising discretion in favour of the appellants or accepting the case of the appellants on merits.
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