TMI Blog2011 (9) TMI 1207X X X X Extracts X X X X X X X X Extracts X X X X ..... pital gains erroneously admitted by the assessee. Learned A.R. submitted that the A.O. had retained the capital gains on a wrong understanding of the order. Copies of the giving effect orders passed by the Assessing Officer have also been filed. As per the learned A.R., assessee had clearly raised the contention that voluntary admission of capital gains was no ground to assess the same as there was no estoppel in law. Reliance was placed on the decision of Hon'ble jurisdictional High Court in the case of CIT v. DPF Textiles Ltd. (241 ITR 548). Therefore, as per learned A.R., a suitable clarification has to be issued in this regard. 2. Per contra, learned D.R. submitted that there was no error in the order of Tribunal warranting inter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to pay income-tax chargeable under s. 4(1) thus, does not depend on the assessment being made. As soon as the Finance Act prescribes the rate or rates for any assessment year, the liability to pay the tax arises. The assessee is himself required to compute his total income and pay the income-tax thereon which involves a process of self-assessment. Since all this is done under authority of law, there is no scope for contending that Art. 265 is violated. After the earlier assessment made is set aside or nullified in appropriate proceedings if the assessing authority cannot make a fresh assessment in accordance with the provisions of the Act it amounts to deemed acceptance of the return of income furnished by the assessee. In such a case the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inly make such a claim also before the concerned authority calculating the refund. Similarly, If he has by mistake or inadvertence or on account of ignorance, included in his income any amount which is exempted from payment of income-tax, or is not income within the contemplation of law, he may likewise bring this to the notice of the assessing authority, which if satisfied, may grant him relief and refund the tax paid in excess, if any. Such matters can be brought to the notice of the concerned authority in a case when refund is due and payable, and the authority concerned, on being satisfied, shall grant appropriate relief. Thus it is clear that a relief of the nature sought by the assessee has to be granted by the A.O., if it brings ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
