2025 (9) TMI 370

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....der 22/01/2025., for Assessment Year 2022-23. The said order was originated by the recommendation of the Learned CIT(DRP)-2, Mumbai-3 [for brevity, 'Ld. DRP'] order passed under section 144C(5) of the Act, date of order 02/12/2024. 2. The brief facts of the case are that the assessee is a tax resident of Singapore. The certificate of residence issued for calendar years 2021, 2022 by the Inland Revenue Authorities of Singapore was submitted before the Ld.AO. The assessee filed the return of income for the impugned assessment year declaring total income at Rs. 4,81,74,660/-. The case was selected for scrutiny through CASS. The Ld.AO issued the draft assessment order u/s 144C(1) of the Act and proposing assessment of total income at Rs. 4,8....

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....per book containing pages 1 to 172, which is placed on the record. The Ld.AR invited our attention to APB pages 48 to 148 where the assessee claimed the relief and the mistake was made in treating the LTCG & STCG as taxable income. The Ld.AR further stated that the issue was agitated before the DRP and the relevant paragraph 5.2 is extracted below:- "5.2. Arguments of the Applicant: Facts as submitted to the Assessing Officer Re.: Proposal to reject relief claimed by the Assessee and non-consideration of the India - Singapore Double Taxation Avoidance Agreement For the Financial Year 2021-22 i.e. Assessment Year 2022-23, the Assessee was a tax resident of Singapore. The Certificate of Residence' issue....

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.... The Assessee also furnished the other document required for availing the treaty benefit Le. Form 10F for Financial Year 2021-22 i.e. Assessment Year 2022-23 with the Learned AO. Excess income offered to tax erroneously in the income-tax return." 4. The Ld.DR argued and relied on the order of the revenue authorities. 5. We have heard the rival submissions and perused the documents available on record. The assessee is a tax resident of Singapore and has duly submitted a certificate of tax residency before the Ld. AO. It is an admitted fact that, while filing the return of income for the impugned assessment year, the assessee inadvertently disclosed certain items of income, namely, Long-Term Capital Gains (LTCG) and Short-Term ....