9911796707
TMI Blog2013 (11) TMI 172X X X X Extracts X X X X X X X X Extracts X X X X ..... t is the argument of the assessee that the CIT(A) erroneously applied the provisions of section 10(23D) of the Act which is never invoked by either by the AO or by the asssessee. It is also argued that the CIT (A) had not admitted the additional evidences in the form of confirmation letters from Mutual Fund Houses. 3. At the outset, Smt. Pragna Girish Shah, Ld Counsel for the assessee brought to our notice the order of the CIT (A) and traced the facts relevant here. In brief, the facts are that the assessee invested in debt oriented mutual funds issued by the Reliance, HDFC and ICICI Prudential and earned losses in these transaction. Per contra, assessee sold his flat at 'Green Hills' and Long Term Capital Gains computed on this transactio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the notice of the Ld AR that Reliance Mutual Fund, a Mutual fund registered with the SEBI, is eligible for benefit of section 10(23D) of the Act and hence the Long Term Capital Gain from sale of such Mutual Fund is exempt from tax. As a corollary, Long Term Capital Loss is not allowed to be set off against the Long Term Capital Gain from sale of flat at "Green Hills". The AO has correctly worked out the Long Term Capital Gain on sale of flat at Rs. 7,00,392/- as returned by the appellant after indexation." 4.1. Aggrieved with the above order of the CIT (A), assessee is in appeal before the Tribunal. 5. Referring to the above contents of para 2.3.1 of the CIT (A)'s order, Ld Counsel mentioned that the CIT (A) erroneously invoked the prov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 10(38), we find that the said clause-38 applies to "any income arising from the transfer of a long term capital asset, being an equity share in a company or a unit of an equity oriented fund" which is defined in Explanation to section 10(38). In the set aside proceedings, the AO ought to distinguish the equity oriented fund from that of the debt oriented fund before passing speaking order in this regard. AO shall also admit all the papers which are necessary for meaningful adjudication of this issue. Accordingly, the issue is set aside to the files of AO and he shall grant a reasonable opportunity of being heard to the assessee. Accordingly, grounds raised by the assessee are set aside. 8. In the result, appeal filed by the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X
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