TMI Blog2021 (4) TMI 1003X X X X Extracts X X X X X X X X Extracts X X X X ..... Schedule EI . So, the ignorance of the assessee or inadvertent mistake committed by the assessee should not come in his way in claiming exemption, which is otherwise allowable under the Act. It is also not a case that the assessee did not respond to the notice issued by CPC. The assessee has duly responded to the same, but it is the submission of revenue that the assessee should have filed a revised return of income. There is no dispute with regard to the fact that the assessee is entitled for exemption of dividend income. The object of assessment is to determine correct total income of the assessee. Accordingly, I am of the view that the right of the assessee could not be denied merely on accounting of technical errors. Hence there is a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng return u/s 143(1) of the Act, the Centralised Processing Centre (CPC) did not grant exemption claimed by the assessee and accordingly, computed the total income of the assessee at ₹ 13.37 lakhs. Accordingly, it raised demand upon the assessee. 3. The assessee challenged the adjustment made in the intimation given u/s 143(1) of the Act by filing appeal before Ld. CIT(A). The first appellate authority observed that the assessee has omitted to mention the details of exempt income in schedule EI. He also observed that the assessee did not file revised return of income, even though the discrepancy was informed by CPC to the assessee. Accordingly, the Ld. CIT(A) declined to interfere with the intimation issued u/s 143(1) of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to account while issuing intimation u/s 143(1) of the Act. 5. On the contrary, the Ld. D.R. submitted that the assessee has not reported the details of exempt income in Schedule EI , without which the CPC could not grant exemption claimed by the assessee. Accordingly, he supported the order passed by Ld. CIT(A). 6. I heard the rival contentions and perused the record. I noticed that the assessee has mentioned that the dividend income of ₹ 13.37 lakhs is exempt in Schedule BP relating to computation of business income. However, the details of exempt income were mentioned in the schedule EI of the return of income. In view of the same, the CPC has not granted exemption to the assessee. The question that arises is whether the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xpayers using the latest technology. We do not find any reason why such error should not be rectified by the AA.O. This is not ignorance of law but ignorance of the usage of the latest technology. 9. Therefore in the interest of justice and fair play to the taxpayer, we restore this issue back to the files of A.O. The A.O. is directed to examine the claim of the assessee of interest paid at ₹ 2,33,535/- and if satisfied with the claim, the A.O. is directed to deduct the same from the positive interest figure of ₹ 3,38,345/- meaning thereby that only ₹ 1,04,810/- should be added to the taxable income. 10. Before parting, a similar issue came up for hearing before the Tribunal in the case of Srikant Real Estate Pvt ..... X X X X Extracts X X X X X X X X Extracts X X X X
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