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TMI Blog2013 (12) TMI 630X X X X Extracts X X X X X X X X Extracts X X X X ..... ich are exempted under section 10(38) – Decided against assessee. - ITA. No.7153/Mum/2012 - - - Dated:- 1-2-2013 - Shri R. K. Gupta,J. For appellant : None- For respondent : Shri Shekhar L. Gajbhiye ORDER Per R. K. Gupta, J. M. 1. This appeal filed by the assessee against the Order of the CIT(A)-3, Mumbai for the assessment year 2006-2007. The Assessee is objecting confirming t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m capital loss on sale of shares subjected to STT cannot be allowed to be carry forward for set off in subsequent assessment years. Therefore, Assessing Officer issued notice under section 148 of the I.T. Act. In response to the said notice, the assessee filed a letter dated 25.04.2011 stating therein that original return filed for assessment year 2005-2007 may be treated as filed in response to n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g Officer had recorded reasons and thereafter, the carry forward losses allowed mistakenly by the Assessing Officer was withdrawn. Accordingly, it was held that reopening of the assessment was valid. On merit, learned CIT(A) found that assessee has claimed long term capital loss which is routed through stock exchange subjected to STT. Hence, by virtue of section 10 (38) of the Act, any income aris ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under section 10 (38) of the Act. Therefore, loss on the same transaction can also not to be allowed to carry forward. Reasons were recorded. Provisions of section 147 are very clear by which it has been provided that if any income has escaped assessment, then Assessing Officer has to issue notice under section 148. Accordingly, after recording reasons, notice under section 148 was issued. Therefo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se income is exempt under section 10 (38), loss also cannot be allowed to be carry forward. Therefore, I hold that learned CIT(A) was correct in holding that claim of the assessee is not allowable as the loss arising out of transfer of shares which are exempt under section 10 (38) cannot be carry forward to be set off. Accordingly, I confirm the Order of the learned CIT(A) on this issue also. 5. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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