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TMI Blog2022 (4) TMI 281X X X X Extracts X X X X X X X X Extracts X X X X ..... f Income-tax-21(3), Mumbai (the learned Assessing Officer) on 15.02.2016. 2. The assessee has raised the following grounds of appeal:- "The Ld. CIT(A) erred on facts and in law in confirming action of Assessing Officer in not correcting arithmetic error of Rs. 32,34,937/- crept in computation of capital gains on sale of shares and brought to the notice of Assessing Officer in the course of assessment proceedings leading to unwarranted computation of capital gains at an inflated figure. The Ld. CIT(A) erred on facts and in law in not following binding judgments and decisions of jurisdictional High Court as well as Tribunal available on the date of adjudication of appeal. The Ld. CIT(A) erred on facts and in law in not directing Assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Further, on the merits of the case, he held that assessee only furnished the vouchers which did not have any authenticity to establish that cost of acquisition was more than what was claimed by the assessee in the original return of income. 8. Thus, the assessee is aggrieved with the order and preferred the appeal before us. 9. The learned Authorized Representative submitted that assessee has not made any fresh claim but has only asked the learned Assessing Officer to correct the arithmetic error in the computation of the capital gain on sale of shares where the cost of acquisition is wrongly punched, which the learned Assessing Officer refused to do and the learned CIT(A) has confirmed the action of the Assessing Officer. 10. The learne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has submitted that correct cost of acquisition is Rs. 20,25,000/- as shown in that account. The ledger account is also reproduced by the learned CIT(A) in his order but he did not consider the same. We find that the order of the learned CIT(A) itself shows that there is a confirmation available from the sister of the assessee about the correct cost of acquisition of these shares. Therefore, no further proof is required. In the result, we find that the claim of the assessee is correct and therefore, we restore the grounds of appeal before the learned AO with a direction to compute the capital gain on sale of share of M/s. Liberty Urvarak Ltd. by taking the cost of acquisition of those shares at Rs. 20,25,000/- instead of Rs. 2,02,500/-. Acc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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