TaxTMI 
TaxTMI 
2024 (7) TMI 779
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....e impugned order was emanated from the order of the CPC, Bengaluru (in short, 'the A.O.'), passed under section 143(1)of the Act, date of order 24/12/2021. 2. The assessee has taken the following grounds of appeal:- "In the facts and in the circumstances of the case and in law, the Ld. CIT(A) ought to have held that the adjustment made by the Ld. ADIT, CPC of denial of claim of exemption u/s. 10(2A) of the Act in respect of share of profit (net of loss) derived by the appellant in the capacity as a Partner of Rs. 1,83,17,026/- by invoking the provisions of Section 143(1)(a)(ii) of the Act is illegal and bad-in-law since the same is made: (a) By merely emailing the Intimation u/s. 143(1)(a) on 22.12.2021 without mentioning therein the n....
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....o grant exemption u/s. 10(2A) of the Act of Rs. 1,83,17,026/-: S.No. Name of the Firm A.Y. Share of Profit Share of loss(Rs.) Net amount claimed exempt u/s 10(2A) 1 Unique Real Estate Developers 2019-20 2,12,17,019 - 2,12,17,019 2 Aspen Real Estate Developers LLP 2019-20 - 339 (339) 2020-21 779 - 779 3 Sanskar Dwelling LLP 2019-20 - 2,376 (2,376) 4 Vertizo Resources Management LLP 2020-21 - 13,92,188 (13,92,188) Total 2,12,17,798 29,00,772 1,83,17,026 3. It is humbly prayed that the reliefs as prayed for hereinabove and / or such other reliefs as may be justified by the facts and circumstances of the case and as may meet the ends of justice should be granted. 4. The a....
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....ed to reply the intimation of the Ld.AO, there was no impression in the window in the website of the Income-tax Portal. So assessee was unable to comply the notice passed by the Ld.AO. Finally, within 2 days, the intimation was issued under section 143(1) of the Act and the demand was raised. The Ld.AR argued that there is a violation of 2nd Proviso of section 143(1) where the adjustment of income was done without allowing the 30 days time. Therefore, the entire intimation should be quashed. 5. The Ld.DR argued and relied on the order of the Revenue authorities. The Ld.DR placed that the assessee has declared this income in the P&L Account as an income and later on the amount was reduced from the income as exempted income and claimed the d....
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....and ineligible to exemption of tax u/s 10(2A) of the IT Act. 7.1. In view of the above, I'm of the considered opinion that appellant is NOT entitled for claiming exemption of Rs. 1, 83,17,026/- u/s 10(2A) of the IT Act. Hence, these grounds of appeal of the appellant are dismissed. 8.1. Ground No.3: Determination of gross tax payable under normal provisions of the Act. Upon granting relief as prayed for vide Ground No.1 and 2 here-in-above, the ADIT, CPC be directed to delete the demand raised of Rs. 65,36,212/- in its entirety. 8.1.1 This ground is contingent on the decision on the grounds 1 and 2 and therefore doesn't. 8.2. Ground No.4: Interest u/s, 234 of the Act. Upon granting relief as prayed for vide Ground No. 1 to 3 her....
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.... [disallowance of expenditure or increase in income indicated] in the audit report but not taken into account in computing the total income in the return; (v) disallowance of deduction claimed under [section 10AA or under any of the provisions of Chapter VI-A under the heading "C.-Deductions in respect of certain incomes", if] the return is furnished beyond the due date specified under sub-section (1) of section 139; or (vi) addition of income appearing in Form 26AS or Form 16A or Form 16 which has not been included in computing the total income in the return: Provided that no such adjustments shall be made unless an intimation is given to the assessee of such adjustments either in writing or in electronic mode: Provided further tha....