2010 (3) TMI 66

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rh (for brevity, 'the Tribunal'), in ITA No. 594/Chandi/2006, in respect of the assessment year 2004-05. The Tribunal has affirmed the order of the Commissioner of Income Tax (Appeals), Karnal, passed on 24.5.2006. It is common case of both the parties that facts of the instant appeal were identical to the facts in the case of ACIT v. Amar Nath, ITA No. 592/Chandi/2006 (for the assessment year 2004-05). The Tribunal recorded the finding holding that the facts are identical and the contention raised by the parties were also similar. It is appropriate to mention that the assessee-respondent disclosed all the particulars in his return filed under Section 143(1) of the Act. He had disclosed purchasing of 1,15,000 shares of UBI for an amount ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....his Court in the case of CIT v. Ajaib Singh and Co., 253 ITR 630 (P&H), and similar view taken by the Bombay and Madhya Pradesh High Court. It was found that the counsel for the assessee-respondent had admitted his mistake in advising the assessee and the affidavit by the learned counsel was accepted by the CIT (A). Accordingly, it has been held that no litigant should suffer on account of the mistake committed by the counsel because the advise tendered by the counsel is accepted by the litigant, which is based on bona fide belief of being correct. On further appeal before the Tribunal, the view taken by the CIT (A) was upheld when, in fact, reliance was placed on the order passed by the Tribunal in Amar Nath's case (supra). It has been ....