2023 (2) TMI 336

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.... The assessee has raised the following grounds:- "1. The learned Commissioner of Income Tax (Appeals),NFAC has erred accepting the action of AO in rejecting rectification application to AO filed u/s 154 of IT Act. 2. The learned Commissioner of Income Tax (Appeals),NFAC has erred in accepting the addition of amount Rs. 72,90,000 (81,00,051/- less 8,10,051/-) on the ground that assessee herself has offered the amount in the return of income due to human error while filling the ITR On the facts and circumstances of the case the said addition ought to be deleted 3. Appellant craves leave to add, alter, amend or modify any of the grounds of appeal and submit further details and explanations at the time of hearing on the matters stated i....

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....e Tax website. Since the assessee had filed its original return of income belatedly on 13/02/2016, the assessee was prevented from filing the revised return. Hence, the assessee filed a rectification petition u/s.154 of the Act before the ld. CPC which was not accepted. We have gone through the bank account summary of the assessee for the whole year which are enclosed in pages 14 & 15 of the paper book wherein it is evident that assessee has actually received professional income from Power Tech Services only to the tune of Rs.7,62,444/- net of TDS. Hence, the addition that has been made due to punching error had resulted in a scenario of assessee getting taxed on an income which he had never earned. The assessee has also filed an affidavit ....

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....tre, Bangluru within 120 days. 8. Keeping in mind this system of e-filing of the returns , Coming back to the facts of the case, we find that the assessee has claimed Short Term Capital Gains and has shown it in the revised e-return but the same figure did not appear under the item where the short term capital gain is to be taxed at special rate u/s. 111A of the Act i.e. internal page-19 of the return under Schedule CG - Capital gains under item No. 7. However, at the same time we find that under Schedule SI-income chargeable to income tax at special rates IB which is at internal P-24 of the return, the assessee has shown Short Term Capital Gains (iiia) special rate 10% income Rs. 2,65,853 tax thereon Rs. 26585/- which clearly establishe....