2016 (12) TMI 1339

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....cts, documents, evidences, pleadings, provision of act and the various propositions of law. 2. Because the action is under challenge on facts and law since the affidavits filed by the assessee and accountant of the assessee have not been considered in its true sense & spirits." 3. The Assessee is an individual and enaged in the business of manufacturing of exports and readymade garments under the name and style of Boutique Global as proprietorship firm, which has been established on 30.06.2010. During the course of assessment proceedings, it was observed by the Assessing Officer that the assessee has not declared capital gain arises on 12.07.2007 on the sale of Shares of M/s. Boutique International Pvt. Ltd. and M/s. Boutique Clothing P....

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....o furnish the computation of long term/short term capital gain/loss with evidence of investment of sale etc. 7. The Ld. AR submitted that the assessee has already paid almost 45 lacks as his tax and there is an affidavit from the assessee as well as from his account and that. Due to inadvertent circumstances and there was a reshuffling in the partnership firm the said short term capital gain was not included in the income but when the mistake was found out by the assessee after seeing the question in law immediately the assessee disclosed the same with the letter dated 6/12/2010 of which the Assessing Officer has also taken cognizance while finalizing the penalty. The Ld. AR submitted that before the initiation of any specific query based ....

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....ain is due to two reasons 1) there was partition in business of assessee with his partners and the assessee started a new proprietorship concern in the name and style of Boutique Global from 30.06.2007. Due to partition, records relating to companies were with the assessee's partner and the same were not assessable to the accountant at the time of filing of return {affidavit of assesse as well as accountant of the assessee} 2) assessee was not required to submit any personal statement of affairs as on 31.03.2007 and 31.03.2008 as the return for the AY 2007-08 was submitted in Form No.ITR-3. While during the AY 2008-09 assessee filed Income Tax return in Form No.ITR-4. As per new Income Tax Return Rules, assessee is not required to file ....

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....t of the accountant too is evident from records resulting the same was made to pay the demands of tax due on dt. 03.12.2010 with HDFC Bank, BSR Code 0510308 SI. No.50211 being a Material on Record and with greatest respect being prayed that the levy be vacated under the aforesaid facts &circumstances of the case as explained. Since, the said was available with the assessing officer and the assessment has been completed u/s 143(3) on dt 30.12.2010 at an amount of Rs. 1,50,52,122 notwithstanding the bonafide and unintentional and inadvertent mistake the order dt. 30.12.2010 was not contested in Appellate Proceedings and it cannot be construed as the confession calling for a mechanical levy on the true and correct interpretation and appreciati....