TMI Blog2023 (9) TMI 796X X X X Extracts X X X X X X X X Extracts X X X X ..... ew that this matter need to go back to the file of AO for fresh consideration of the matter, and assessee is directed to produce all the relevant records/evidences to prove that the assessee is entitled for exemption from tax on long term capital gains earned on the sale of shares as is stipulated u/s 10(38). Thus, without commenting on the merits of the issue, the matter is restored back to the file of AO for fresh consideration of the entire matter, after giving proper opportunity of hearing to the assessee. Section 10(38) clearly lays down conditions for exemption, and if the assessee fulfills all the conditions, then the assessee is entitled for exemption on submission of relevant evidences, and it does not requires long drawn reaso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... peals) has failed to appreciate the facts that appellant has filed the petition for rectification of mistake born out from the assessment order itself, the learned assessing officer has summarily rejected the application without considering the merit of the application. 3. BECAUSE the order appealed against is contrary to the facts, law and principle of natural justice. 3. The brief facts of the case are that the assessee case was selected for framing scrutiny under AIR regarding investment amounting to Rs. 59,84,641/- in purchase and sale of shares. The return of income was filed on 30.09.2008 declaring total income of Rs. 5,82,850/- . The reassessment proceedings were initiated by Revenue u/s 147, and notice u/s 148 was issued. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rned C.I.T.(A), Allahabad. It is not out of place to mention here that during the course of assessment proceeding and also at the time of filing of application u/s 154 of I.T. Act, 1961 no documentary evidence in respect of her claim has been filed/produced before the undersigned. Therefore, the application filed u/s 154 is being rejected for want of verification. 5. Still aggrieved, the assessee filed first appeal with ld. CIT(A) which was dismissed by ld. CIT(A), vide appellate order dated 27.09.2022, by holding as under:- 3. In this case return of income was filed on 30.09.2008 declaring total income of Rs. 5,82,850/- Assessment was completed u/s. 143(3) r.w.s.147 dated 31.03.2016 on total income of Rs. 50,73,010/- Aggrieved wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submitted that the assessee has not produced any detail before the authorities below . It was submitted that exemption u/s 10(38) can be granted to the assessee provided Securities Transaction Tax(STT) has been paid on the sale of shares. Both the rival parties fairly agreed that the matter has to be restored back to the file of the AO for fresh consideration, and the assessee will submit complete detail/evidences of sale and purchase of the shares before the AO evidencing that the shares / securities sold were subjected to Securities Transaction Tax(STT), and the assessee has complied with all the conditions as stipulated u/s 10(38). 7. After hearing both the parties and considering the material on record as culled out above in this or ..... X X X X Extracts X X X X X X X X Extracts X X X X
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