2021 (8) TMI 974

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..... UA 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, returnable by six weeks. 3. Extra copies of the writ petition be served on the learned counsel for the respondents within three days. 4. .....

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..... t 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 to Rs. 5,30,257/-. According to Dr. Saraf, learned senior counsel once the amount of Rs. 5,30,257/- being the loss is taken out from the figure of R .....

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..... ted to disclose the long term capital gains amounting to Rs. 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 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 .....

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