2020 (11) TMI 854

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....he Revenue : Shri Amit Pratap Singh ORDER PER SAKTIJIT DEY. J.M. The captioned appeal by the assessee is against the order dated 8th April 2019, passed by the learned Commissioner of Income Tax (Appeals)-28, Mumbai, for the assessment year 2015-16. 2. When the appeal was called for hearing, no one was present on behalf of the assessee to represent the case. There is no application seek....

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....ciable asset under section 50 of the Act. During the assessment proceedings, the assessee made a fresh claim through submissions that since the asset was held for more than three years, the rate of tax applicable would be that of long term capital gain as per section 112 of the Act. The Assessing Officer, however, did not accept the aforesaid claim of the assessee by observing that such claim havi....

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....e Act. Both, the Assessing Officer and learned Commissioner (Appeals) have rejected the aforesaid claim of the assessee on the ground that the assessee has not made such claim either in the original return of income or through a revised return of income as provided under section 139(5) of the Act. In our view, learned Commissioner (Appeals) was not justified in agreeing with the decision of the As....