9911796707
TMI Blog2024 (3) TMI 707X X X X Extracts X X X X X X X X Extracts X X X X ..... r is 2018-19. 2. The grounds raised read as follows: 1. On the facts and in circumstances of the case and in law, the Appellate order issued under section 250 of the Income-tax Act, 1961 (`the Act') passed by the Commissioner of Income-tax (Appeals), NFAC. (learned CIT(A)') dated 07 April 2023, to the extent prejudicial to the Appellant, is bad in law, void ab initio and contrary to the facts and circumstances of the case and is liable to be quashed. 2. On the facts and in the circumstances of the case: (a) the learned AO, while passing an order under section 143(3) of the Act, has erred in reiterating the addition made in intimation issued under section 143(1) of the Act in an absolute disregard of the submissions made to him ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imation, an amount of Rs. 23,29,62,417/- was considered as income chargeable to tax @ 10% at special rate other than under section 115BB of the Act. The assessment was selected for scrutiny and notice under section 143(2) of the Act was issued on 23.09.2019. The assessment under section 143(3) of the Act was completed on 12.02.2021 by assessing the total income at Rs. 23,29,62,420/- as per the intimation issued under section 143(1) of the Act. 4. Aggrieved by the order passed under section 143(3) of the Act, assessee filed appeal before the First Appellate Authority (FAA). Before the FAA, it was contended that the assessee earns dividend income of Rs. 23,29,62,417/- on mutual funds registered with SEBI and hence the exemption claimed under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e submissions made before the CIT(A), etc. The learned AR reiterated the submissions made before the Income Tax authorities. 6. Learned DR strongly relied on the order of the CIT(A). 7. We have heard the rival submissions and perused the material on record. On perusal of the impugned Assessment Order passed under section 143(3) (order dated 12.02.2021), it is clear that AO has assessed the total income at Rs. 23,29,62,420/- solely relying on the adjustment made by the AO/CPC in the intimation made under section 143(1) of the Act. In the impugned Assessment Order passed under section 143(3) of the Act, there is no independent discussion as regards the income assessed at Rs. 23,29,62,420/-. The relevant portion of the assessment completed u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3(1) of the Act, has filed a rectification application under section 154 of the Act (vide application dated 16.06.2020) and the same is pending disposal. The CIT(A) in the impugned order has directed the AO to dispose off the said rectification application dated 16.06.2020. Moreover, if assessee is advised to file an appeal as against the intimation under section 143(1) of the Act, a liberal approach may be taken for condonation of delay since assessee's application for rectification of the intimation under section 143(1) of the Act has been filed within time and same is pending disposal. With the above said observation, the grounds of the assessee are rejected. 10. In the result, appeal filed by the assessee is dismissed. Pronounced in t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
