TaxTMI 
TaxTMI 
2013 (12) TMI 17
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....ank of India 14/12/2007 25750 Bank of India 14/09/2007 25750 77250 TDS 1893867 1971117 Tax Payable/Refund -854167" 3. In the intimation, the income returned by the assessee was accepted but the credit for tax paid was allowed only at Rs. 77,250/- and the credit for the TDS claimed by the assessee in the return of income at Rs. 18,93,867/- was not allowed. Thereafter, the assessee filed a letter on 22nd November, 2012 requesting to rectify the intimation by which demand of Rs. 12,75,127/- was raised. The letter reads as under:- "With regard to above it is respect fully submitted that the new address of the assessee is 12/3 above Ambalal Sarabai, Asaf Ali Road New Delhi - 110002 and it is requested that future correspondence may please be addressed to new address. We may request that the assessee received your notice on 19/11/2012 resulting in delay in compliance of your notice dated 29/10/2012. We may submitted that the assessee has already filed reply on 7/02/2012 in reply to demand of Rs.13,27,470 and photo copies of 3 advance tax challans, 2 STT certificate were also filed. In view of above, you are requested to give credit f....
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....s offered by the assessee and the same income was accepted under Section 143(1). There is no dispute about the payment of STT by the assessee. The rebate is denied because of simple mistake of the assessee's counsel in filling up of the details of STT in the wrong column. He, therefore, submitted that the Revenue should not take advantage of the clerical mistake of the assessee's counsel. In support of this contention, he relied upon the decision of Hon'ble Delhi High Court in the case of CIT Vs. Sam Global Securities Ltd. vide Income Tax Appeal No.214/2013 dated 2nd September, 2013 wherein their Lordships have observed that the officer should not take advantage of the ignorance of the assessee as to his rights. He, therefore, submitted that, in this case, the assessee has already furnished the certificate in respect of STT payment. Therefore, it was the duty of the officer to guide the assessee even if assessee committed some mistake in filling the form. He, therefore, submitted that the Assessing Officer should be directed to rectify the mistake of not giving credit in the STT payment. 7. Learned DR, on the other hand, stated that the assessee is seeking modification of the in....
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....a previous year includes any income, chargeable under the head "Profits and gains of business or profession", arising from taxable securities transactions, he shall be entitled to a deduction, from the amount of income-tax on such income arising from such transactions, computed in the manner provided in sub-section (2), of an amount equal to the securities transaction tax paid by him in respect of the taxable securities transactions entered into in the course of his business during that previous year: Provided that no deduction under this sub-section shall be allowed unless the assessee furnishes along with the return of income, evidence of payment of securities transaction tax in the prescribed form: Provided further that the amount of deduction under this sub-section shall not exceed the amount of income-tax on such income computed in the manner provided in sub- section (2). (2) For the purposes of sub-section (1), the amount of income-tax on the income arising from the taxable securities transactions, referred to in that sub-section, shall be equal to the amount calculated by applying the average rate of income-tax on such income. [(3) No deduction under this section....
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....8E. That under Section 154, the jurisdiction of the Assessing Officer is to rectify the mistake apparent from the record. Under Section 143(1), the Assessing Officer has processed the return as furnished by the assessee. Therefore, the mistake is to be seen in the light of the return filed by the assessee. If the assessee has committed any mistake in filling the return of income, the same cannot be rectified by the Assessing Officer under Section 154. The assessee contended that the STT paid by the assessee was filled in the wrong column, i.e., in the column of TDS. However, we find that from the details as furnished in the column of TDS, it cannot be inferred by the Assessing Officer that it is STT. Moreover, as we have already mentioned that for the purpose of Section 88E, mere payment of STT would not entitle the assessee to claim the rebate. The assessee would be entitled to rebate only if the total income of the assessee included the income arising from the taxable securities transactions. In the return of income, the assessee himself has mentioned the income arising from transactions chargeable to securities transaction tax to be nil. In the computation of income also, there ....