9911796707
TMI Blog2023 (12) TMI 341X X X X Extracts X X X X X X X X Extracts X X X X ..... aining to Asst. Year 2018-19. 2. The grounds raised by the assessee are as under: 1. In law and in facts and circumstances of the Appellant case, the learned Commissioner of Income-tax (Appeals) has grossly erred in points of law and facts. 2. In law and in the facts and circumstances of the Appellant case, the learned Commissioner of Income-tax (Appeals) has grossly erred in confirming the addition of Rs. 50,65,550 made by Ld. AO treating as dividend u/s. 10 (34) of IT Act. However appellant earned income from mutual fund which is exempt u/s. 10(35) of I T Act. 3. In law and in the facts and circumstances of the Appellant case, the learned Commissioner of Income-tax (Appeals) has grossly erred in confirming the addition of Rs 50,65, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /2019. Aggrieved by the dismissal of its rectification application, the assessee went in appeal to the ld.CIT(A) who confirmed the dismissal order of the CPC. The assessee has now come before the Tribunal in this back-ground. 4. I have heard both the parties. I have also gone through all the documents which were placed before me, and after going through of the same, I hold that the assessee's application for rectification of the CPC's order needs to be allowed; I find that there was a clear mistake in the CPC's order of which the assessee had sought rectification. My reasons for holding so follow. But before proceeding with the reasons, I shall first bring out necessary facts relating to the issue. 5. The order of the CPC u/s 154 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee under different heads, how the gross total income has been shown of Rs. 41,03,348/-is not coming out from the rectification order. Even as per the formula applied in the order of calculating the gross total income i.e. 9=6-(7+8),the income does not come to Rs. 41,03,348/-, since income in column-6 in the income computed under section 154 is Rs. 37,796/- and there is "0" figure mentioned against column no.7 & 8. Therefore, even as per the formula applied for calculating the gross total income under section 154 of the Act, the income ought to have been Rs. 37,796/- only. 8. The computation of income under section 154 of the Act by the CPC at Rs. 41,03,348/- is clearly a patent mistake and the assessee's rectification application therefo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not be added in total income. 12. To the Ld.CIT(A) the assessee had pointed out that income from dividend earned from the domestic companies , which was otherwise exempt from tax under section 10(34) of the Act, if exceeded Rs 10lacs, it was chargeable to tax at a special rate under section 115BBDA at the rate of 10%. That the assessee having not earned dividend exempt u/s 10(34) of the Act, therefore the invocation of section 115BBDA of the Act to the dividend income earned by the assessee was a mistake needing rectification. 13. The ld.CIT(A) however, without dealing with the contention of the assessee upheld the rejectionof the rectification application of the assessee by the CPC, thus confirming the addition made by the AO. 14. I hav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l or other medical institution referred to in sub-clause (iv) or sub-clause (v) or subclause (vi) or sub-clause (via) of clause (23C) of section 10; or (iii) a trust or institution registered under section 12A or section 12AA or section 12AB. (35) any income by way of,- (a) income received in respect of the units of a Mutual Fund specified under clause (23D); or (b) income received in respect of units from the Administrator of the specified undertaking; or (c) income received in respect of units from the specified company: Provided that this clause shall not apply to any income arising from transfer of units of the Administrator of the specified undertaking or of the specified company or of a mutual fund, as the case may be: 15 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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