2024 (6) TMI 1062

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....R KUL BHARAT, JM : The present appeal filed by the assessee is directed against the order passed by Ld.CIT(A)/ADDL/JCIT(A)-2, Pune dated 19.01.2024 for the Assessment Year ("AY") 2018-19. 2. The assessee has raised following grounds of appeal:- 1. "That the order passed by Addl/JCIT(A) is illegal, arbitrary and without proper appreciation of facts and opportunity to the assessee. ....

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....sions of section 10(38). (iv) That a mere mistake in ITR cannot result in taxation of income which is expressly exempt under the provision of the Income tax Act, 1961 and as such the observation of AddI/JCIT(A) regarding non-filing of revised return is misconceived and irrational. (v) That the order passed by the Addl/JCIT(A) is inconsistent with CBDT Circular No. 14(XL-35), date....

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....e assessee while filing the return of income due to oversight, made a mistake in choosing the group for exempt capital gain amounting to INR 23,44,048/-. The CPC processed ITR and issued intimation order u/s 143 of the Act, after making adjustment of INR 23,44,048/- under the head income from business and profession. Thus, as per assessee, the capital gain which is otherwise exempt was taxed erron....

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.... seeking condonation u/s 119(2)(b) of the Act, would not arise. The Ld.CIT(A) therefore, misdirected itself in not considering the fact that the gains arising out of sale of equity oriented mutual fund being exempt u/s 10(38) of the Act. 7. On the other hand, Ld. Sr. DR for the Revenue opposed these submissions and supported the orders of the authorities below. He submitted that the assessee ca....