2020 (6) TMI 155

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....n filing appeal before him and further holding that the appeal is not maintainable before him and also deciding the issue on merits against the assessee. The issue urged by the assessee related to the claim of exemption u/s 10(38) of the Act against the long term capital gain earned on sale of shares. 2. We heard the parties and perused the record. The background of the case requires to be discussed first. The assessee filed his return of income for AY 2007-08 on 31.07.2007. The total income of the assessee included Long term capital gain of Rs. 2,58,60,190/- earned on sale of shares. As per the information available in pages 19 to 26 of the paper book, the assessee has sold shares of a company named I-Flex Solutions Ltd. As per informat....

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....s 264 of the Act on 14-07-2015 praying that the demand raised for assessment year 2007-08 be cancelled. However, the Ld Pr. CIT-1, Bengaluru, vide his order dated 27-02-2017, dismissed the revision petition of the assessee holding that the same is time barred. It is pertinent to note that Ld Pr. CIT has observed that the intimation u/s 143(1) has been generated on 20-03-2009 and accordingly computed the limitation period from that date. 5. Thereafter, the assessee filed a rectification petition u/s 154 of the Act on 22-03-2017 before the assessing officer seeking exemption u/s 10(38) of the Act. It was stated therein that the copy of intimation was given to the assessee by a letter dated 17-01-2017 and hence the rectification petition ha....

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....y the appellant that the intimation was provided to the appellant vide communication dated 17.1.2017. 7. On receipt of intimation the appellant had filed revision petition before the CIT. The Pr.CIT dismissed the revision petition by her order dated 27.2.2017 which was claimed to have been served on the appellant on 2.3.2017. Now, the appellant was chosen to file the application under section 154 before the assessing authority on 22.3.2017. Thereafter, the appellant has chosen to fie the present appeal on 25.3.2017. Accordingly, it is claimed that there is delay of 34 days in fling this appeal. I have examined the chronology. 8. The appellant must have filed the appeal within 30 days of the receipt of the intimation dated ....

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.... the Act was 06-11-2014, meaning thereby, the assessee was aware of the intimation passed u/s 143(1) for AY 2007-08 by 06.11.2014 itself and hence he has filed revision petition u/s 264 of the Act before Ld Pr. CIT. It appears that the assessee did not take any step at that point of time. It is also not clear as to how the assessee could file revision petition u/s 264 of the Act without a copy of intimation, which was sought to be revised. 12. However, the assessee has claimed before Ld CIT(A) that he has received copy of intimation only on 20-01-2017 and accordingly submitted that the delay in filing appeal before him was only 34 days. However, the Ld CIT(A) has held that the delay is about 8 years. He has further stated that the assess....