2022 (11) TMI 115

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....M): This appeal in ITA No.1884/Mum/2022 for A.Y.2020-21 arises out of the order by the ld. Commissioner of Income Tax (Appeals) National Faceless Appeal Centre (NFAC) in appeal No.NFAC/2019-20/10054672 dated 13/06/2022 (ld. CIT(A) in short) against the rectification order passed u/s.154 of the Income Tax Act, 1961 (hereinafter referred to as Act) dated 10/01/2022 by the ld. ADIT, CPC, Bangalore (....

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....imed income from dividend of Rs.2,46,559/- as exempt u/s.10(34) of the Act in the return of income. But while processing the return u/s.143(1) of the Act by the CPC, the dividend income was treated as taxable thereby converting the loss into income of Rs.1,05,850/-. Aggrieved with the said intimation, the assessee filed a rectification application u/s.154 of the Act. However, the CPC upheld its ea....

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....nothing in this clause shall apply to any income by way of dividend chargeable to tax in accordance with the provisions of section 115BBDA:] [Provided further that nothing contained in this clause shall apply to any income by way of dividend received on or after the 1st day of April, 2020 other than the dividend on which tax under section 115-O and section 115BBDA, wherever applicable, has been ....