9911796707
TMI Blog2023 (6) TMI 172X X X X Extracts X X X X X X X X Extracts X X X X ..... he action of the Centralized Processing Centre (CPC), Bengaluru in:- I. determining the taxable income of Rs.8,86,857/- in terms computation as made by the CPE: II. adding Rs.8,86,857/- by wrongly invoking section 11(3) of the Act; III. charging tax and also levying interest u/s. 234B and 234C of the Act. The above action being arbitrary, misconceived, erroneous and unjust and so must be quashed with directions for appropriate relief." 2. The facts giving rise to the present appeal are that assessee is a trust and has filed its return of income on 23.11.2020 for the assessment year 2020-21. Vide order dated 08.10.2021, ADIT, Centralized Processing Centre (CPC) processed the return of income under Section 143(1) of the Income-Tax Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gh the appellant had submitted audit report in form 10B which correctly depicted the true position. (b) Ground of appeal: "on the facts and in the circumstances of the case and in law, the computation as made by the (CPC) is erroneous in so far as it has - i. Determined the taxable income at Rs.8,86,857;, ii. Added Rs.8,86,857 by wrongly invoking section 11(3) of the Act; iii. Charged tax and also levied interest u/s.234B and 234C of the Act; Above actions are arbitrary misconceived, erroneous and unjust and so must be quashed with directions for relief." 4. During assessment proceedings before the learned Commissioner of Income-Tax(Appeals), various notices of hearing under Section 250 of the Income-Tax Act, 1961 were issued to the ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the return of income being as available up to 15.02.2021 for the very same assessment year i.e. 2020-21, nothing would have been prevented the assessee from filing a revised return to this extent as deemed fit as claimed by the assessee. Considering these valuable facts involving assessee's non-revising of the return of income having sufficient time, the claim of the assessee as made before the ADIT, CPC, Bangaluru, the application under Section 154 of the Income-Tax Act, 1961 as well as the grounds raised in this appeal against order u/s. 143(1) of the Act are neither justified nor acceptable to exclude the appellant's claim u/s. 11(3) of the Act as not taxable income because the gain first goes to the set apart u/s. 11(2) of the Act and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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