9911796707
TMI Blog2012 (10) TMI 854X X X X Extracts X X X X X X X X Extracts X X X X ..... the Ld. CIT(A)-8, Mumbai dt.2.5.2012 pertaining to assessment year 2008-09. 2. The assessee has questioned the correctness by raising the following grounds of appeal: "1. The Ld. CIT(A) erred in confirming the action of the AO in rejecting the application for rectification u/s. 154 of the I.T. Act, 1961 made by the appellant company. 2. The Ld. CIT(A) further erred in confirm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the tax has been calculated at normal rate on entire income ignoring the fact that the assessee has shown Short term Capital gain at Rs. 2,65,853/- which should have been taxed at special rate as applicable on Short Term Capital gain. The AO rejected the application u/s. 154 of the Act holding that the assessee has not shown Short Term Capital Gain u/s. 111A at S. No. A7 of Schedule CG appearing o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt column, it has been mentioned as Nil. However, at the same time under Item No. (3aii) and (3aiii) Short Term capital gain had been shown at Rs. 2,65,853/-. Further drawing our attention to internal page P-19 of the revised e-return under schedule CG-capital gain, although at Item No. 6, the assessee has shown total short term capital gain at Rs. 2,65,853/- but again due to inadvertence and cler ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... softwares available in the market. In either of the case, there is every possibility of entering incorrect data without having the expert knowledge of preparing an XML file. XML file so created is uploaded to the official Website i.e. www.Incometaxindiaefiling.gov.in. Once the return is uploaded ITR-V , which is the acknowledgement of the return so filed , is generated by the system itself and if ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 2,65,853 tax thereon Rs. 26585/- which clearly establishes that the assessee has shown Short Term Capital Gains liable to be taxed at special rate of 10%. Accordingly, reversing the finding of the Ld. CIT(A), we direct the AO to allow credit of the Short Term Capital gains subject to special rate of tax as per provisions of Sec. 111A of the Act and rectify the intimation u/s. 143(1) accordingl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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