2023 (5) TMI 1258

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....he case original/regular return of income in terms of section 139(1) of the Income-tax Act, 1961 (in short 'the Act') was filed on 17.10.2016 wherein loss of Rs.189,90,32,020/- was claimed. Subsequently, a search and seizure action u/s 132 of the Act was carried out on 30.11.2017 and consequently notice u/s 153A of the Act was issued on 04.07.2018. In response, the assessee filed return of income on 14.07.2018 declaring loss of Rs.154,21,64,359/-. This claim included long term capital loss on sale of shares of Rs.8,88,04,541/-. Subsequently, the assessee further revised the return of income filed u/s 153A on 13.03.2019, wherein the assessee revised the long term capital loss of Rs.8,88,04,541/- and offered the same as short term capital los....

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....e Tribunal is not authorized to recall its order under the provision of section 254(2) of the Act. 4. We have heard rival submission of the parties on the issue-indispute and perused the relevant material on record. The Ld. Counsel of the assessee has referred to the decision of the Hon'ble Jurisdictional High Court in the case of JSW Steel Ltd. (supra) wherein it is held that in case of the abated assessment new/fresh claim made in the return of income filed u/s 153A of the Act is eligible for deduction. The relevant finding of the Hon'ble High Court is reproduced as under: "13. In the present case, search was conducted on the assessee on 30.11.2010. At that point of time assessment in the case of assessee for the assessment year 2008-....