2023 (5) TMI 1258

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.... 2. Before us, the Ld. Counsel of the assessee submitted that in the 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 l....

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....v. Reliance Telecom Ltd. reported 2021 133 taxmann.com 41 (SC) and submitted that the 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 ....

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....roperties Pvt. Ltd., has been rejected by the Tribunal (supra), as same was not filed in return of income in terms of section 139(1) of the Act. However, we find that the Hon'ble Jurisdictional High Court in the case of JSW Steel Ltd. (supra) has held that on account of abatement of assessment, the original return losses its originality and the subsequent return filed u/s 153A of the Act takes place of the original return and all legitimate claims are therefore open to the raise in the return of income filed u/s 153A(1) of the Act. Since, in the case of the assessee the decision of the Jurisdictional High Court has not been considered which is a mistake of the law apparent from record as held by the Hon'ble Supreme Court in the case of ACIT....