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TMI Blog2024 (6) TMI 1062X X X X Extracts X X X X X X X X Extracts X X X X ..... ot to have dismissed the appeal on hyper technical basis. The impugned order is hereby, set aside and the assessment is restored to the file of AO for verification. If the AO finds that the capital gains is exempt under law, he would allow the claim of the assessee. Grounds raised by the assessee are accordingly, allowed for statistical purposes. - Shri Kul Bharat, Judicial Member For the Appellant : Shri R.S. Singhvi, CA And Shri Satyajeet Goel, CA For the Respondent : Shri Om Parkash, Sr.DR ORDER PER KUL BHARAT, JM : The present appeal filed by the assessee is directed against the order passed by Ld.CIT(A)/ADDL/JCIT(A)-2, Pune dated 19.01.2024 for the Assessment Year ( AY ) 2018-19. 2. The assessee has raised following grounds of appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,048/- from sale of equity oriented mutual fund which is exempt u/s 10(38) is perverse, devoid of merits and bad in law. 3. That the appellant craves leave to add, amend, alter or forgo any or all of the grounds as may be necessary and in the interest of justice. 3. Facts giving rise to the present appeal are that the appellant is a company and is engaged in the business of real estate development and it filed its Income Tax Return ( ITR ) on 25.08.2018 at a book profit of INR 23,07,498/- as per the provision of section 115JB of the Income Tax Act, 1961 ( the Act ). The assessee while filing the return of income due to oversight, made a mistake in choosing the group for exempt capital gain amounting to INR 23,44,048/-. The CPC processed ITR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in declining the claim of the assessee. 8. I have heard Ld. Authorized Representatives of the parties and perused the material available on record and gone through the orders of the authorities below. It is not in the dispute that the assessee had made claim in the return of income but failed to make such claim of exemption u/s 10(38) of the Act inadvertently, in the proper column of return of income. He contended that law is well-settled that AO is required to grant deduction/exemption if law so mandates. The inadvertent mistake of the assessee should not fasten it with liability of tax qua gains which is otherwise, not-taxable under law. Therefore, I am of the considered view that the Ld.CIT(A) ought not to have dismissed the appeal on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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