TaxTMI 
TaxTMI 
2022 (12) TMI 290
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....inst law and facts on the file in as much as he was not justified to uphold the action of the Learned Assessing Officer/Centralized Processing Centre, Bengaluru in not reducing a sum of Rs. 19,90,000/- from working of the profits of business or profession as the said sum represented sale proceeds of immovable property which had been credited to the Profit and Loss Account and while filing the return, the same had been duly considered under the head income from capital gains. 2. That action of the Learned CIT(A) in upholding the addition made by the Learned Assessing Officer/Centralized Processing Centre, Bengaluru has resulted in double addition of the same amount. 3. That the Learned CIT(A) was not justified in holding th....
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.... amount of sale consideration from the net profit of business to be computed separately as capital gains (refer Schedule BP of ITR3 Form). The appellant had separately computed Long-Term Capital Gain on sale of the said immovable property for a consideration of Rs. 19,90,000/- and computing the long term capital gains at Rs of Rs. 5,79,703/- and had shown the same in the return of Income in (refer Point no. 10B of ITR-3 Form). It was further submitted that there was also a Brought Forward Long-Term Capital Loss of Rs. 35,38,925/-for A.Y. 2019-20, thus the Long-Term Capital Gain of Rs. 5,79,703/- was set-off with this Brought Forward Long-Term Capital Loss. Hence, Long-Term Capital Loss carried forward to future years after set off was Rs. 2....
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.... action of AO in passing order u/s 154 of the Act is not warranted and against law and facts. 5.2 It was further submitted that the Ld. CIT(A) has not decided the matter on merits however the appeal of the assessee has been rejected for the sole reason that the remedy against the action of the AO/CPC lies by way of an appeal to the CIT(A) under section 246A and not by way of filing application under section 154 of the Act. In this regard, it was submitted that relevant documents were on record before the CPC and given the nature of adjustment so made by CPC, the assessee was of the believe that it clearly qualifies as mistake apparent from the record and therefore the assessee filed an application under section 154 as soon as he received....
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....nce sheet, income and expenditure account as well as intimation issued by the CPC, I find merit in the contention advanced by the ld AR. The assessee had reduced the amount of sale consideration of Rs 19,90,000/- which is credited to the profit/loss account and to be considered under the head of capital gains" as evident from the return of income, Schedule BP 3(b) and in Schedule CG: Caoital Gains 10(B), full value of consideration has been declared at Rs 19,90,000/- and after reducing cost of acquisition of Rs 14,10,297/-, net capital gains of Rs 579703/- has been reflected and offered to tax. In the intimation u/s 143(1), there is an acknowledgment by CPC that the assessee has carried out said adjustment to the profit/loss account to the ....