2021 (8) TMI 974

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....JUSTICE ACHINTYA MALLA BUJOR BARUA Advocate for the Petitioner : Dr. A. Saraf Advocate for the Respondent : SC, Income Tax ORDER Heard Dr. A Saraf, learned senior counsel for the petitioner. Also heard Mr. S Sarma, learned standing counsel for the Income Tax Department. 2. Issue notice, returnable by six weeks. 3. Extra copies of the writ petition be served on the learned counsel....

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.... return submitted by the petitioner. The relevant portion of which is available at page 34 and 35 of the writ petition regarding the statement of long term capital gain under Section 10(38) of the IT Act and in such statement, it is shown that in respect of certain shares there was a loss amounting to Rs. 5,30,257/-. According to Dr. Saraf, learned senior counsel once the amount of Rs. 5,30,257/- ....

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....e and consider the fact that the assessee had omitted to disclose the long term capital gains amounting to Rs. 5,30,257/-, while computing his income. By referring to the returns submitted by the assessee available at page 34 and 35 respectively, a submission is made that the aforesaid conclusion is arrived at by the Principal Commissioner that there is merit in the claim that the Assessing Office....