TaxTMI 
TaxTMI 
TaxTMI 
2018 (2) TMI 591
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.... Rs. 3,47,979/- as against 10% u/s. 111A of the Act as claimed by the Appellant. 3. In this case, the assessing officer passed an order u/s.154 of the IT Act as under: Rectification of mistake. 154. (1) With a view to rectifying any mistake apparent from the record an income-tax authority referred to in section 116 may,- (a) amend any order passed by it under the provisions of this Act ; (b) amend any intimation or deemed intimation under sub-section (1) of section 143; (c) amend any intimation under sub-section (1) of section 200A; (d) amend any intimation under sub-section (1) of section 206CB. (1A) Where any matter has been considered and decided in any proceeding by way of appeal or revision relating to an order referred....
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.... collector. (6) Where any such amendment has the effect of enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee or the deductor or the collector, the Assessing Officer shall serve on the assessee or the deductor or the collector, as the case may be a notice of demand in the prescribed form specifying the sum payable, and such notice of demand shall be deemed to be issued under section 156 and the provisions of this Act shall apply accordingly. (7) Save as otherwise provided in section 155 or sub-section (4) of section 186 no amendment under this section shall be made after the expiry of four years from the end of the financial year in which the ordersought to be amended was pas....
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....ital gains thereon will be charged to tax @ 10%. Securities Transaction Tax came into effect from 1st October, 2004. Paragraph 1 of the Order u/s. 154 of the Income Tax Act, 1961 states that "It has seen from the perusal of the record that the assessee paid taxes u/s. 111 of the I T Act on the Short Term Capital Gain. Section 111 of the IT Act is applicable only when STT has been paid. From the details filed determining disallowance u/s.94(7) during the course of assessment reveals that entire sales were in the month of September, 2004. Therefore, the STCG should have been levied at 30% instead of 10%." It is respectfully submitted that the entire capital gain of Rs. 3,47,979/- shown under the head Short Term Capital Gains u/s. 111A by ....
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....at the assessee has actually paid the STT and the sale transaction took place after 1st October, 2004. However, the learned CIT-A has not at all considered this submission and has held that assessee has not filed any additional evidence. What sort of additional evidence learned CIT-A had in mind has not been spelt out. Assessee has made factual submission and these could have been verified from the assessment records. Hence in my considered opinion the non-consideration of asseessee's submission and laconic dismissal of the plea by the learned CIT-A is not sustainable. Accordingly, I remit the issue the file of learned CIT-A. Learned CIT-A is directed to consider the issue afresh keeping into account our observations as above and after givi....
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....rounds of Appeal. No fresh facts are required for determination of issue involved in the additional grounds of appeal. In other words, Additional Ground of appeal is purely in the nature of legal issue. Above additional Grounds of appeal could not be raised before the Learned CIT (Appeals) through oversight. As per Established legal position, Additional Grounds of Appeal on legal issues going to the root of the matter and requiring no further factual investigations are admissible in Appeal. Appellant relies on following judicial pronouncements:- 1. Commissioner of Income Tax vs. Sinhgad Technical Education Society (2017) 297 CTR (SC) 441 2. National Thermal Power Co Ltd vs CIT (1999) 157 CTR (SC) 249 3. CIT vs. Honda Siel Po....