2024 (6) TMI 1062

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..... iled by the assessee is directed against the order passed by Ld.CIT(A)/ADDL/JCIT(A)-2, Pune dated 19.01.2024 for the Assessment Year ("AY") 2018-19. 2. The assessee has raised following grounds of appeal:- 1. "That the order passed by Addl/JCIT(A) is illegal, arbitrary and without proper appreciation of facts and opportunity to the assessee. 2(i) That on the facts and circumstances of the cas .....

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..... in taxation of income which is expressly exempt under the provision of the Income tax Act, 1961 and as such the observation of AddI/JCIT(A) regarding non-filing of revised return is misconceived and irrational. (v) That the order passed by the Addl/JCIT(A) is inconsistent with CBDT Circular No. 14(XL-35), dated 11-4-1955 and judicial precedents as per which there is no embargo in raising a fres .....

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..... r exempt capital gain amounting to INR 23,44,048/-. The CPC processed ITR and issued intimation order u/s 143 of the Act, after making adjustment of INR 23,44,048/- under the head income from business and profession. Thus, as per assessee, the capital gain which is otherwise exempt was taxed erroneously by the AO. 4. Aggrieved against this, the assessee preferred appeal before Ld.CIT(A), who did .....

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..... in not considering the fact that the gains arising out of sale of equity oriented mutual fund being exempt u/s 10(38) of the Act. 7. On the other hand, Ld. Sr. DR for the Revenue opposed these submissions and supported the orders of the authorities below. He submitted that the assessee cannot be allowed to take benefit of its own lapse. The Ld. authorities below are justified in declining the cla .....

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..... assessment is restored to the file of AO for verification. If the AO finds that the capital gains is exempt under law, he would allow the claim of the assessee. Grounds raised by the assessee are accordingly, allowed for statistical purposes. 9. In the result, the appeal of the assessee is allowed for statistical purposes. Order pronounced in the open Court on 21st June, 2024.
Case laws, Dec .....

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