9911796707
TMI Blog2010 (3) TMI 66X X X X Extracts X X X X X X X X Extracts X X X X ..... Reporters or not? 2. Whether the judgment should be reported in the Digest? M.M. KUMAR, J. The revenue is in appeal under Section 260A of the Income-tax Act, 1961 (for brevity, 'the Act') against order dated 30.3.2007 (A-6), passed by the Income Tax Appellate Tribunal, Chandigarh Bench 'B', Chandigarh (for brevity, 'the Tribunal'), in ITA No. 594/Chandi/2006, in respect of the assessment year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Maruti for an amount of Rs. 2,62,500/- on 4.7.2003. Out of those shares, he sold 1950 shares on 5.9.2003 for an amount of Rs. 5,16,153/-. In the first transaction there was long term capital gain and in the second transaction there was short term capital gain. In the return filed by the assessee-respondent, he claimed that the profit on the sale of shares was exempt under Section 10(36) of the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... along with the dates were disclosed in the order of the CIT (A). In support of the aforesaid view, the CIT (A) placed reliance on the view taken by this Court in the case of CIT v. Ajaib Singh and Co., 253 ITR 630 (P&H), and similar view taken by the Bombay and Madhya Pradesh High Court. It was found that the counsel for the assessee-respondent had admitted his mistake in advising the assessee an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ar under consideration i.e. with effect from 1.4.2004 relevant to the assessment year 2004-05. The assessee-respondent had acted upon the advise of his counsel, who was dealing with his tax matters for the last many years. Having heard learned counsel, we are of the view that the question concerning bona fide mistake or belief is more or less a question of fact, which has been decided by the CIT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the aforesaid issue should have been pressed only before the Assessing Officer or there was any bar on the assessee-respondent not to raise this issue before the Appellate Authority. The affidavit filed by the counsel of the assessee, has been readily accepted by the CIT (A) as well as by the Tribunal. It is well settled that if on the evidence adduced before the Assessing Officer or the Appellat ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
