2025 (8) TMI 529

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....ments made by the CPC, Bengaluru (CPC) while processing the return of income filed for the year under consideration u/s.143(1) of the Income Tax Act, 1961 ("the Act"). 2. Brief facts of the case are that the assessee is a public limited company engaged in the business of mining and selling of minerals. It filed its original return of income for this year on 30-11-2019, declaring NIL total income. The assessee declared loss of Rs. 191.80 crores under the head "Income from business". It also declared Short Term Capital Gain of Rs. 21.03 lakhs and Long Term Capital Gain of Rs. 253.83 lakhs. The business of loss of Rs. 191.80 crores, un-absorbed depreciation of Rs. 62.25 crores and the brought forward unabsorbed depreciation of Rs. 110.41 cr....

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...., it computed capital gains at Rs. 262.59 crores for book purposes and credited the same to the Profit and Loss account. For Income tax purposes, the Long Term Capital Gainwas computed at Rs. 253.84 crores and was declared in the original return of income. 5. Subsequently, the assessee took the matter to arbitrator and it got a favorable order, wherein it was held that the invocation of pledge by M/s. ASQ Connect Ltd., is not justified, meaning thereby, there was no sale of securities as originally presumed by the assessee. In that case, there was no necessity to compute long term capital gains and accordingly, the long term capital gains declared in the original return of income needs to be reversed. Accordingly, the assessee filed revi....

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....on 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 that the response received from the assessee, if any, shall be considered before making any adjustment, and in a case where no response is received within thirty days of the issue of such i....