2025 (1) TMI 1721

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....eal, the assessee has raised the following grounds: - "1. The learned CIT (Appeals) has erred in law and on the facts of the case in sustaining the order of the assessing officer rejecting the application u/s. 154 of the Income Tax Act. 2. The learned CIT (Appeals) has erred in law and on the facts of the case in not appreciating the fact that the assessee had filed the application for rectification within 4 years from the date of passing of the intimation u/s. 143(1)." 3. Vide application dated 13/01/2025, the assessee raised the following additional ground of appeal: - "The learned CIT (Appeals) has erred in law and on the facts of the case in sustaining the order of the assessing officer u/s. 143(1) although....

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....on issued under section 143(1) of the Act. However, vide order dated 15/02/2024, the Assessing Officer ("AO") rejected the rectification application on the basis that the same is time-barred as per the provisions of section 154(7) of the Act. In further appeal, the learned CIT(A) dismissed the appeal filed by the assessee. Being aggrieved, the assessee is in appeal before us. 7. During the hearing, the learned Authorised Representative ("learned AR") submitted that the ITO, Ward-12(2), Mumbai, while processing the return of income filed by the assessee vide intimation dated 30/08/2007 issued under section 143(1) of the Act disallowed the exemption claimed under section 10(38) of the Act in respect of long-term capital gains earned by the....

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.... sub-section where either no sum is payable by the assessee or no refund is due to him: Provided further that no intimation under this sub-section shall be sent after the expiry of one year from the end of the financial year in which the return is made: Provided also that where the return made is in respect of the income first assessable in the assessment year commencing on the 1st day of April, 1999, such intimation may be sent at any time up to the 31st day of March, 2002." 9. Without going into the issue of whether the disallowances, as noted above, made vide intimation issued under section 143(1) of the Act were permissible after the amendment by the Finance Act, 2008 w.e.f. 01/04/2008, from the perusal of the provi....