TMI Blog2022 (9) TMI 975X X X X Extracts X X X X X X X X Extracts X X X X ..... ed from AIR Data base and the issue was agitated before the appellate authority. But the CIT(A) had not passed any speaking order against the assessee s submissions. The fact related application section 45(6) was also had not discussed by any of the revenue authorities. Considering the veracity of the legal position application of charging section related calculation of tax, the matter is setting aside to ld. CIT(A) for speaking order. Accordingly, the matter is setting aside to the ld. CIT(A) for further adjudication and is directed to pass a speaking order related to the legal point for reopening of u/s 148 on basis of the AIR Information calculation of income under perview of section 45(6) of the Act. Needless to say, the assessee s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tal income of the assessee. Being aggrieved assessee filed an appeal before the ld. CIT(A), by challenging both the legal and factual issues. The ld. CIT(A) upheld the order of the ld. AO. 3. Being aggrieved assessee filed an appeal before us. 4. The ld. Counsel for the assessee filed a written submission which is containing page nos. 1 to 8 which is kept in the record. Ld. Counsel argued that the assessee invested Rs.10 lac in Bajaj Insurance as premium on F.Y. 2006-07on dated 19.03.2007 in Bajaj Allianz Equity Growth Pension Fund. And switch out all these funds on 18.05.2007 with a sum of Rs.10,61,000/- and re-invested the enhanced amount in Bajaj Allianz Liquid Pension Fund. Finally he redeem/surrendered the fund and received the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o assessee for verification vide this office letter dated 16.03.2018 as the approval was already obtained u/s 133(6) of The Income Tax Act 1961 by ITO (I CI) Ludhiana. This letter remained un-complied with. Subsequently a notice under section 148 of the Income Tax Act 1961 was issued to assessee on 27.03.2018 with prior approval of worthy Pr. Commissioner of Income Tax-1, Jalandhar, which was conveyed vide his office letter no. Pr.CIT-l/JAL/Tech./2017- 18/5240 dated 27.03.2018. The letter remains uncompiled with. Neither the assessee nor any his authorised representative filed any return of his income in response to the notice. 4.2 So, the recorded reason is borrowed satisfaction and in that case the entire recorded reasons is bad in l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd taxed accordingly. It is a trite law. By virtue of section 45(6) difference between the repurchase price of the units and the amount invested therein is deemed to be a capital gain. Once it is deemed to be a capital gain, all the provisions relatable to the computation of capital gain to be applied for ascertaining the true capital gain or loss. If other subsections of section 45 are analysed, it is seen that they are merely charging sections. From this it appears that section 45 lays down the tenets for the charge of capital gains tax. The computation of that tax is to be done in accordance with the modus prescribed under section 48. The benefit of indexation of cost of such units should thus be made available on repurchase or redemptio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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