2023 (7) TMI 344

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.... assessee filed the return of income on 05/08/2017 basing on the entries in Form No. 26AS. There was a difference in the amounts mentioned in Form No. 26AS and the income disclosed in the return of income filed by the assessee. Insofar as this appeal is concerned, it relates to the sum mentioned as other sources to the tune of Rs. 2,52,352/-. This amount comprises of Rs. 27,352/- added on the ground that the assessee did not fill in schedule PTI in the return of income and Rs. 2.25 lacs said to have been received by the assessee towards survival benefit from LIC on a single premium policy. 3. While processing the return of income, these two sums were added to the income of the assessee. Assessee filed an application for rectification showi....

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.... noted that the software of the Department does not permit filing a revised XML which bridges the arithmetic consistency of the total income returned and what the assessee attempted was to disclose the nature of income, but not taxable. Learned AR submits that there is no legal compulsion to disclose non-taxable receipts vis-à-vis the exempt income for which a columnist provided in the return form. 6. Learned AR further submits that in view of the decision of the Hon'ble Apex Court in the case of NTPC vs. CIT (1998) 229 ITR 383 and Goetze (India) Ltd vs. CIT (2006) 284 ITR 323 (SC) it is always open for the assessee to raise the points of law even before the appellate authorities, when consideration thereof does not require any new ....

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....g such a claim for the first time and not by way of a revised return but by way of rectification application is impermissible in law. 9. Hon'ble Apex Court in the case of NTPC vs. CIT (supra) held that it is open for the assessee to raise the points of law even before the appellate authorities, when consideration thereof does not necessitate any enquiry into the facts or calling for any fresh evidence. In this case, according to the assessee Form 26AS does not refer to the income of Rs. 2.25 lacs received by the assessee towards survival benefit received from LIC on a single premium policy. It is not the case of the Revenue that such a receipt is not exempt income. Only point for consideration of such a plea by the assessee is that the ass....