TaxTMI 
TaxTMI 
2023 (12) TMI 1160
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....appeal filed by the assessee against the Assessment Order dated 11/05/2020 passed under section 143 (1) of The Income Tax Act, 1961 (The Act) by The Deputy Commissioner Of Income Tax, Central Processing Centre, Bangalore (The Learned AO), was allowed for statistical purposes. 02. Assessee is aggrieved with that appellate order and has preferred this appeal raising following grounds:- "On the facts and circumstances of the case and in law:- GROUND NO.1: ADDITION IN AN INTIMATION ORDER U/S. 143(1) 1. The learned CIT(A) failed to take into consideration that the AO/CPC does not have any jurisdiction to make an adjustment in an Intimation Order u/s. 143(1), and that the same should have been a matter of scrutiny pr....
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....g aside the Assessment Order with a direction to verify the claim of the Appellant from the records, and if found correct then to allow the same. 2. The learned CIT(A) failed to take into consideration that the power given to him under the terms of section 251(1)(a) of the Act, relates to confirming. reducing, enhancing or annulling the assessment and does not have the power to set aside the assessment to the AO and leave it to him for his adjudication. 3. Without prejudice the learned CIT(A) failed to take into consideration that the income arising from the redemption of Mutual Funds is computed in the following manner :- LTCG (without indexation) : Rs. 55,56,214/- LTC Loss (with indexation) : Rs. (9,47,....
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....utual fund under section 47 of the act was disclosed at serial number 4 (1) of the return of income amounting to Rs. 5,064,439/-. 05. Return of income was processed on 11/5/2020 wherein the total of the above three sums were taken as profits and gains from business or profession at serial number 2 of income tax computation. Therefore, against the total income shown by the assessee of Rs. 741,029 at serial number nine of income tax computation of intimation under section 143 (1) of the Act, the learned central processing Centre determined such sum at Rs. 8,941,322. Thus, the exemption claimed of Rs. 7,434,693/- under section 10 was denied and treated as profits and gains of business or profession. 06. Assessee preferred an appeal befor....
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....31st of March 2018, to tax it at the rate of 10% in excess of Rs. 1 lakh. iii. With respect to the exemption claimed under section 10 (15) of interest from tax free bonds no findings were given. 07. Assessee is aggrieved with the appellate order and is in appeal before us. 08. The learned authorized representative and the learned departmental representative made respective arguments. 09. We have heard the rival contentions, perused the intimation passed under section 143 (1) of the act and the order of the learned appellate authority. It is undisputed fact that return of income was filed by the assessee on 15/7/2019 claiming exemption of Rs 7,434,693/- which is also mentioned in schedule EI of the return of income filed by....
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....ade by the intimation dated 11/file/2020 are two different aspects. Therefore, it is apparent that the profits and gains from business or profession shown by the assessee at Rs Nil has been computed by the central processing Centre at Rs 7,434,693/- is without intimating the assessee about the proposed adjustment. 010. According to the provisions of section 143 (1) (a) of the act where the total income or loss is required to be computed adjustment prescribed in clause number (i) to (vi) can be made only after giving an intimation to the assessee for such adjustment either in writing or in electronic mode. We do not find any such intimation is given to the assessee of such adjustment holding that the claim of exemption made by the assesse....