2023 (2) TMI 352

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.... "1. The learned CIT(A) erred on facts in law in not rectifying the mistake apparent from records thereby upholding the order u/s 154 of the Act. The learned CIT(A) failed to appreciate the facts, the law as well as the submissions made by the assessee in its proper perspective. 2. The appellant craves leave to add, later, delete or substitute all or any of the above grounds of appeal." Submission of ld.AR : 2. The ld.Authorised Representative(ld.AR) of the assessee submitted that assessee had correctly shown the capital gain amount and claimed exemption under section 54EC of the Act. However, order under section 143(1) was passed reducing the amount of Rs.32,92,636/- and increase the income under head Business & Profession.....

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.... proper calculation of capital gains and claimed 54EC deduction, however, ADIT(CPC) has made adjustment under section 143(1) against which assessee filed rectification Application under section 154 of the Act. CPC passed rectification order without considering assessee's submission. CPC has not given any reasons in the rectification order. Assessee filed appeal before the ld.CIT(A) against the order under section 154 of the Act. The ld.CIT(A) has merely stated that the grounds of appeal raised by the assessee are beyond the scope of section 154 of the Act. We are of the opinion that ld.CIT(A) failed to appreciate the facts narrated by the assessee in the submissions and documents filed by the assessee. In this case, all the facts are emanat....

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....C/54G/54GA (Specify details in item D below) S. No. Section Amount 0 1 54D 2 54EC 3 54G 4 54GA Total Long-term Capital Gains on Immovable property (lc- 1d) "Funning LAN uy Schedule BP-Computation of income from business or profession A From business or profession other than speculative business and specified business 3300000 0 0 ld 3300000 Ble 2a. Profit before tax as per profit and loss account (item 54, 62, 63, 64iv and 65iii & 66(iv) of Part A-1 P&L) Net profit or loss from speculative business included in 1 (enter-ve sign in case of loss Sl No. 66iv 2a of Schedule P&L 3312014 0 "कोष: 2b. Net profit or Loss from Specifie....