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2021 (8) TMI 974 - HC - Income TaxRevision u/s 263 - assessee had omitted to disclose the long term capital gain - AO had failed to examine and consider the fact that the assessee had omitted to disclose the long term capital gains while computing his income - HELD THAT:- By referring to the returns submitted by the assessee available a submission is made that the aforesaid conclusion is arrived at by the Principal Commissioner that there is merit in the claim that the Assessing Officer failed to examine and consider that the assessee had omitted to disclose the long term capital gains amounting to ₹ 5,30,257/- . Accordingly a submission is made that the conclusion of there being an erroneous assessment is absent. Counsel also raises the submission that the aforesaid items are covered under the provisions of Section 10(38) of the IT Act wherein itself there is a provision that the aforesaid items are exempted from payment of income tax and even if there is any discrepancy in the return submitted by the assessee, the same would not be prejudicial to the interest of revenue. We find that a prima facie case has been made out by the petitioner. Considering the balance of convenience and irreparable loss that the petitioner may suffer, further process pursuant to the order dated 24.03.2021 under Section 263 of the IT Act shall remain stayed until further order(s).
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