TaxTMI 
TaxTMI 
2026 (2) TMI 1047
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....rein the appeal filed by the assessee against the assessment order dated 21.6.2021 passed u/s. 143(3) r.w.s. 144B of the Income Tax Act, 1961 [the Act] by the National Faceless Assessment Centre, Delhi [ld. AO] was dismissed. 2. The assessee has raised the following grounds of appeal :- "1. General Grounds 1.1. The National Faceless Assessment Centre, Delhi (`A0') has erred in passing the assessment order under section 143(3) r.w.s 144B of the Income Tax Act, 1961 (`the Act') in the manner passed by him and the Commissioner of Income Tax-(Appeals), National Faceless Appeal Centre, Delhi (`CIT(A)') [collectively known as 'lower authorities'] has erred in confirming the said assessment order. The asses....
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....s erred in not appreciating that (a) Impugned difference in so far as it relates to dividend income, is exempt from tax under section 10(35) (b) the Appellant had disclosed the dividend income under Schedule EI of the ITR and the same was accepted by the learned AO in the assessment order; and (c) Assuming without admitting, the tax if any, ought to have been limited to section 1 15BBDA at the rate of 10 percent 2.5. On facts and circumstances of case and law, the order of the CIT(A) deserves to the quashed and the impugned addition made in the computation sheet of the assessment order deserves to be deleted in its entirety. 3. Prayer 3.1. The grounds of appeal raised by the Appellant he....
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.... 8,58,49,868 whereas the ld. AO in the computation sheet has taken the business income as Rs. 9,92,94,720. Thus there was difference of Rs. 1,34,44,852. The claim of the assessee that there is total dividend income earned by the assessee of Rs. 1,44,44,852 as per return of income. The ld. AO has made the addition of Rs. 1,34,44,852, out of that by allowing a deduction of Rs. 10 lakhs as per section 115BBDA. 5. Before the ld. CIT(A), the assessee submitted that in the return of income and Schedule EI assessee has disclosed an income of Rs. 1,44,44,852 which is the dividend income exempt. A sum of Rs. 1,38,92,666 is exempt dividend from mutual funds and further dividend of Rs. 5,52,186 was divided income from the shares. The assessee submi....
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....ranted the assessee deduction u/s. 10(34) as well as u/s. 10(35) of the Act. He otherwise submitted that in the return of income the assessee has claimed the above exemption which was examined by the ld. AO in detail, but while preparing the computation sheet, the error has occurred. He submitted that the ld. CIT(A) despite submitting all the details which are reproduced in his order, did not grant the relief. 8. The ld. DR, Shri Subramanian S., JCIT, relied upon the orders of the ld. lower authorities. 9. We have carefully considered the rival contentions and perused the orders of the ld. lower authorities. Briefly stated the facts of the case show that assessee is a limited liability partnership firm, which filed its return of incom....
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.... 11. Before the ld. AO and the ld. CIT(A), the assessee has submitted the complete details of dividend income received from mutual funds and on the dividend, income received from the shares. The assessee has received dividend of Rs. 1,38,92,666 from IIFL Real Estate Fund, Franklin India Fund and Motilal Oswal Fund. There is other 37 companies from whom dividend income was received of Rs. 5,52,185. 12. According to the provisions of section 10(34) of the Act, dividend income earned by the assessee which is covered u/s. 115O of the Act is exempt. Therefore, naturally sum of Rs. 5,52,185 was divided received from 37 companies is exempt under the above section. Further according to section 10(35) of the Act, income received from specified mu....