2025 (7) TMI 239

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.... referred to as 'the Act'] whereby the Ld. CIT(A) had allowed the appeal of the Assessee against the Intimation Order, dated 28/03/2019, passed under Section 143(1) of the Act for the Assessment Year 2017-2018. 2. The Revenue has raised following grounds of appeal : "1. On the facts and circumstances of the case and in law, the Ld.CIT(A) erred in deleting the addition of Rs. 6,90,00,000/- being the addition made by the CPC, under the head Income from Other Sources." 2. On the facts and circumstances of the case and in law, the Ld.CIT(A) has failed to appreciate the fact that the capital loss of Rs. 3,00,97,077/-on the transfer of assessee's rights on the said flat was rightly disallowed by the CPC. 3. On th....

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.... Index as on 2016 1125 309270000*1125/852 40,83,67,077 Sale Consideration Received (Net of Service Tax) (as per Agreement Dated 26/06/20126) 36,90,00,000 Add Service Tax 92,70,000 Total Consideration Received 37,82,70,000 Long Term Capital Loss -3,00,97,077 4. Thus, the Assessee arrived at Long Term Capital Loss of INR.3,00,97,077/- and disclosed the same in the return of income for the Assessment Year 2017-2018 filed by the Assessee on 13/07/2017 declaring Income of INR.89,187/-.While processing the Return of Income an addition of INR.6.9 Crores was made under the head Income from Other Sources vide Intimation Order dated 28/03/2019 passed under Section 143(1) of Act. 5. The Assessee filed rectifica....

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....the Assessee submitted that the addition made while processing return of income had resulted in double taxation of same income once under the head Capital Gains as offered by the Assessee and then again under the head Income from Other Sources as done by the Central Processing Unit while processing the return of income. Therefore, the CIT(A) was correct in deleting the addition of INR.6.9 Crores. 10. We have considered the rival submissions and have perused the material on record. 11. We find that the submissions made by Learned Authorized Representative for the Assessee are factually correct. As per the Computation of Capital Loss placed on record, the Assessee had made aggregate payment of INR.30,92,70,000/- which included Service T....