TMI Blog2021 (8) TMI 974X X X X Extracts X X X X X X X X Extracts X X X X ..... ee 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 ter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urther order(s). - WP(C)/3999/2021 - - - Dated:- 19-8-2021 - HONOURABLE MR. JUSTICE ACHINTYA MALLA BUJOR BARUA Advocate for the Petitioner : Dr. A. Saraf Advocate for the Respondent : SC, Income Tax ORDER Heard Dr. A Saraf, learned senior counsel for the petitioner. Also heard Mr. S Sarma, learned standing counsel for the Income Tax Department. 2. Issue notice, returnab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erest of revenue. 5. Dr. A Saraf, learned senior counsel for the petitioner takes the Court to the return submitted by the petitioner. The relevant portion of which is available at page 34 and 35 of the writ petition regarding the statement of long term capital gain under Section 10(38) of the IT Act and in such statement, it is shown that in respect of certain shares there was a loss amounting ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on record and came to the conclusion that there is merit in the claim that the Assessing Officer had failed to examine and consider the fact that the assessee had omitted to disclose the long term capital gains amounting to ₹ 5,30,257/-, while computing his income. By referring to the returns submitted by the assessee available at page 34 and 35 respectively, a submission is made that the af ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at 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). 9. List after six weeks. In the meantime, the respondents may file their affidavit explaining the submissions made ..... X X X X Extracts X X X X X X X X Extracts X X X X
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