2023 (9) TMI 796

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....n turn has arisen out of the order dated 04.08.2016 passed by ld. Assessing Officer(hereinafter called "the AO") u/s 154 of the Income-tax Act, 1961. 2. The assessee has raised following grounds of appeal in Memo of Appeal filed with Income Tax Appellate Tribunal, Allahabad, which reads as under:- "1. BECAUSE the learned Commissioner of Income Tax (Appeals) has erred in law and on facts in dismissing the appeal filed against order dated 04.08.2016 passed under section 154 of the Income Tax Act, 1961 on the ground that, the appellant has not accepted the assessment order and filed an appeal against the order sought to be rectified, therefore he cannot ask for rectification of assessment order, hence the AO has rightly dismissed t....

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....ns of Rs. 39,67,163/- as income in the hands of the assessee towards long term capital gains, vide reassessment order dated 31.03.2016 passed u/s 143(3) read with Section 148 of 4. The assessee filed rectification application under section 154 of the Act, which was dismissed by AO vide rectification order dated 4.8.2016 passed u/s 154, by holding as under:- "In this case, the assessee has filed an application u/s 154 of I.T. Act, 1961 stating therein that the income arising from transfer of equity shares are not liable to be included to the total income of the assessee and requested to rectify the order passed u/s 148/143(3) dated 31.03.2016. Aggrieved from the order passed u/s 143(3) of 1.T. Act, 1961, the assessee filed an app....

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....fication request. 4. In the result the appeal is dismissed." 6. Still Aggrieved, the assessee filed second appeal before the Tribunal. At the outset, learned counsel for the assessee submitted that appeal against the reassessment order under section 143(3) / 148 is still pending with ld. CIT(A). It was further stated that this appeal has arisen from appellate order passed by ld. CIT(A), dated 27.09.2022 which has arisen from rectification order under Section 154 r.w.s. 148/143(3) of the Act. The main grievance of the assessee is that it has earned long term capital gain of Rs. 39,67,163/- from the sale of shares which has been brought to tax by the AO, and as per ld. counsel for the assessee, the same ought not to have been taxe....