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Madhabi Nag Versus A.C.I.T., Circle-1, Bankura Asansol

2016 (1) TMI 684 - ITAT KOLKATA

Rectification of mistake - Long Term Capital Gain on sales of shares was wrongly offered to tax and that the same was exempted u/s 10(38) as per assessee - as per CIT(A) claim was not supported by a revised return of income - Held that:- The CBDT Circular No.14 of 1955 dated 11.04.1955 has taken a view that the officers of the department must not take advantage of ignorance of the assessee about his rights and it is their duty to assist the tax payer in every reasonable way particularly in the m .....

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[2006 (3) TMI 75 - SUPREME Court] has clarified that the appellate authorities under the Act have the power to consider the claim even if the business of the revised return of income. Therefore, the claim of the assessee that Long Term Capital Gain is exempt u/s 10(38) of the Act has to be examined by the AO. It is seen from the order of AO u/s 154 of the Act that the AO wanted details of acquisition and proof of payment of STT. Therefore set aside the order of CIT(A) and remand the question of .....

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A)-Asansol relating to A.Y.2008-09. 2. The assessee is an individual. During the previous year relating to A.Y.2005-06 the assesse filed the return of income declaring Long Term Capital Gain on sale of shares of ₹ 12,32,025/-. The AO issued an intimation u/s 143(1) of the Income Tax Act, 1961 (Act) dated 03.02.2010 accepting the income returned by the assessee. 3. The assessee filed an application u/s.154 of the Act before AO pointing out that the Long Term Capital Gain on sales of shares .....

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was of the view that the assessee offered to tax the long term capital gain in the return of income filed by him. The assessee had not filed the revised return of income claiming exemption of long term capital gain u/s 10(38) of the Act. The CIT(A) relied on the decision of the Hon ble Supreme Court in the case of Goetze (India) Ltd Vs CIT 284 ITR 323 (SC) and was of the view that the assessee cannot make a claim which is not supported by a revised return of income. He therefore held that the AO .....

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