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TMI Blog2012 (10) TMI 854X X X X Extracts X X X X X X X X Extracts X X X X ..... xpert knowledge of preparing an XML file. As the assessee has claimed Short Term Capital Gains and has shown it in the revised e-return but the same figure did not appear under the item where the short term capital gain is to be taxed at special rate u/s. 111A i.e. internal page-19 of the return under Schedule CG – Capital gains under item No. 7. However, at the same time under Schedule SI-income chargeable to income tax at special rates IB the assessee has shown STCG (iiia) special rate @ 10% which clearly establishes that the assessee has shown STCG liable to be taxed at special rate of 10%. Accordingly, reversing the finding of the CIT(A) AO is directed to allow credit subject to special rate of tax as per provisions of Sec. 111A and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 on page 19 of the e-return. The AO further observed that the same mistake has been occurred in the original as well as in the revised return of income filed by the assessee. According to the AO, the proper remedy was by filing a revised return of income instead of moving an application u/s. 154 of the Act. The AO accordingly rejected the application u/s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The return is prepared electronically which is converted into an XML file either through the free down loaded software provided by the CBDT or by the 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 , the return is not signed digitally, then ITR-V so generated has to be signed and sent to Central Processing Centre, Bangluru within 120 days. 8. Keeping in mind this system of e-filing of the retu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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