2022 (3) TMI 882

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....tain important points of fact and law which has resulted in gross injustice to the appellant. It is, therefore bad in law and not sustainable in the eyes of law. 2.That the Ld. CIT (Appeals), Rohtak, although framed different point (total no. 5) for her consideration according to the Grounds of Appeal taken by the appellant in his appeal; but she totally ignored Ground No.4 and did not discuss it at all in her Judgement although it was one of the key points, involved in the appeal. The Ld. CIT (Appeals), Rohtak should have decided this "Ground No.4" in favour of the appellant and against the AO as provisions of Section 44AB read with Section 44AD of the Income Tax Act were not at all applicable to the facts of the present case, int....

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....ble High Court of Allahabad vide Orders dated 28.05.2013 and dated 07.05.2013. As per these Orders, the company was directed to pay to its shareholders an amount of Rs. 800.00 per share as accumulated Dividend, generated on account of this reduction in Capital. Consequently the company distributed this amount amongst its shareholders and as a consequence thereof paid Income Tax on this amount as Dividend Distribution Tax (DDT) on 31.01.2014 vide Challan No. ITNS 280. Thus this amount of Rs. 800.00 per share was not taxable in the hands of the assessee/appellant, inter alia, on two grounds i. The requisite Income Tax on this amount had already been paid by the Company and any imposition of tax on the assessee on this amount would ta....

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....ocument whenever so required. 3. Facts giving rise to the present appeal are that the assessee filed its return declaring income of Rs. 7,11,450/-. The case wa taken up for scrutiny assessment and the assessment u/s 143(3) of the Income-tax Act, 1961, hereinafter referred to as the "Act", was framed, thereby the Assessing Officer made addition on account of long term capital gain of Rs. 77,325/-. Further, the Assessing Officer made addition of Rs. 18,586/- in respect of the capital gain that was not disclosed by the assessee. Hence, the Assessing Officer assessed the total income of the assessee at Rs. 8,07,361/- as against the returned income of Rs. 7,11,450/-. 4. Aggrieved against this the assessee preferred appeal before the learne....