2024 (2) TMI 1564

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....of the ld. Income Tax Officer, CPC, Bengalure (in brevity the 'AO') passed u/s. 143(1)of the Act dated 23.12.2021. 2. The assessee has taken the following grounds of appeal as well as additional ground of appeal: (1) That on the facts and in the circumstances of the case, the Ld. CIT(A) has erred in upholding the action of the Ld. A.O., CPC in computing the total income of Rs.2,77,370/- as against income declared by the assessee of Rs. 1,90,230/ -. (2) That, the learned CIT(A) erred in upholding the action of the Ld. A.O., CPC on facts and in law in not allowing Loss from House Property of Rs. 87,143/ - declared in the ROI to be set off against Long Term Capital Gains of Rs.2,83,950/ - u/ s 71 of the Act. (3) That on the fact....

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.... CIT(Appeals) upheld the intimation of the ld. Assessing Officer. Aggrieved, the assessee filed appeal before us. 4. The ld. A.R. vehemently argued at the time of hearing before us and filed written submissions, which are kept in the record. The ld. A.R. first invited our attention in the computation of total income, which is inserted as below: - The assessee filed the return of income for A.Y. 2020-21 on 15.02.2021, declaring total income of Rs.1,90,230/ -. The computation of total income as provided by the assessee in its ROI was as under :- Rent from House Property Rs.27,000/- Less: Corporation Tax Rs. 1,14,143/ - Loss from House Property(A) Rs.87,143/- Business Loss (B) Rs.6,578/- Total Current Year Losses (A plus B) Rs.93,....

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....ng-term capital gain during the assessment year under consideration. The assessee has claimed this loss in the return of income, which was rejected by the ld. Assessing Officer without giving reasonable opportunity to the assessee and issued intimation under section 143(1). The ld. D.R. relied on the order of this Tribunal dated 30th May, 2023 in the case of Income Tax Officer (Exemption) -vs .- Camellia Educare Trust reported in [2023] 152 taxmann.com 304 (Kolkata-Trib.) "Considering the facts on record and the perusal of the provisions contained in sec. 143(1)(a) of the Act, we find that on both the aspects, the revenue fails. This position has not been controverted by Ld. Sr. DR also. Even if we assume for a moment that such an intimat....