2016 (6) TMI 941

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....was paid was taxed twice as the assessee has wrongly showed the income from business of Rs. 25,55,002/- instead of Rs. 2,32,474/- by wrongly including the STCG of Rs. 22,61,528/- in the profit and loss account and also showing Rs. 22,61,528/- under the head capital gains (others) instead of under the head short term capital gain u/s 111A. 3. Facts in brief are that the assessee filed its return of income on 29.9.2008 declaring total income at Rs. 48,16,530/- wrongly. The assessee strongly showed its income under the head business of Rs. 25,55,002/- instead of Rs. 2,93,474/- by wrongly including STCG on sale of equity shares covered by section 111A of the Act in the business income. Secondly, the assessee wrongly returned the income of STCG....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... appellant is not allowed to withdraw the appeal. As it is evident that return of income was accepted by the department and the AO. has .not pointed out any defect in the return of income, hence in my considered view the A.O. was completely justified in, passing the order u/s 143(1)(a) of the IT Act, 1961. It is pertinent to note here that the legislation has specifically provided the provisions of revised return by which any inadvertent mistake can be revised, however of!. this pretext also, the appellant's fails in its duty. Even it is also an admitted fact by the appellant that while filing revised return, which is not uploaded in the system, the short term capital gain is shown in the column "Short Term(others)(A8 of schedule-CG). H....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... provisions of section 111A. The ld. Counsel finally argued that this being the actual fact and mistake apparent on the face of record, both authorities below ignored this mistake and treated it as income and taxed which amounted to double tax which is against the scheme of Income Tax Act. The ld. Counsel finally prayed that the order of ld. CIT(A) be set aside and the AO be directed to assess the income of the assessee as under : A) Income from business : Rs. 2,93,474/-; B) Income from short term capital gains u/s 111A : Rs. 22.61,528/- The ld. Counsel further submitted that the AO be directed to tax the income of the assessee from business at the rate of 30% and income from capital gain on sale of shares at the rate of 10%. 5. On th....