2013 (11) TMI 172

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....m 'capital gains' earned by the assessee. It is the argument of the assessee that the CIT(A) erroneously applied the provisions of section 10(23D) of the Act which is never invoked by either by the AO or by the asssessee. It is also argued that the CIT (A) had not admitted the additional evidences in the form of confirmation letters from Mutual Fund Houses. 3. At the outset, Smt. Pragna Girish Shah, Ld Counsel for the assessee brought to our notice the order of the CIT (A) and traced the facts relevant here. In brief, the facts are that the assessee invested in debt oriented mutual funds issued by the Reliance, HDFC and ICICI Prudential and earned losses in these transaction. Per contra, assessee sold his flat at 'Green Hills' and Long T....

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....ential Mutual Fund. It was specifically brought to the notice of the Ld AR that Reliance Mutual Fund, a Mutual fund registered with the SEBI, is eligible for benefit of section 10(23D) of the Act and hence the Long Term Capital Gain from sale of such Mutual Fund is exempt from tax. As a corollary, Long Term Capital Loss is not allowed to be set off against the Long Term Capital Gain from sale of flat at "Green Hills". The AO has correctly worked out the Long Term Capital Gain on sale of flat at Rs. 7,00,392/- as returned by the appellant after indexation." 4.1. Aggrieved with the above order of the CIT (A), assessee is in appeal before the Tribunal. 5. Referring to the above contents of para 2.3.1 of the CIT (A)'s order, Ld Counsel me....