9911796707
TMI Blog2024 (6) TMI 1228X X X X Extracts X X X X X X X X Extracts X X X X ..... in the return of income filed by the assessee with department and paid due taxes on the same, and at the best only differential amount of Rs. 9,172/- could have been sustained by ld Addl/JCIT(A) . Both the parties are at consensus/ad-idem that the amount of Rs. 9,172/- can be added and brought to tax, otherwise the same amount of income by way of LTCG to the tune of Rs. 2,53,211/- would be doubly taxed which is not permissible. Thus, we sustain the addition under the head LTCG to the tune of Rs. 9172/- and grant relief to the assessee by deleting the additions under the head LTCG as sustained by ld. CIT(A), as the LTCG to the tune of Rs. 2,53,211/- is reported by the assessee in the ROI filed with the department. Thus, the appeal of the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2,62,383/- 3. The brief facts of the case are that the assessee filed his return of income on 5th January, 2022 u/s. 139(1) of the Act, for the assessment year 2021-22, wherein total income declared by the assessee was Rs. 30,91,230/- . The income assessed by the Department vide intimation dated 08.07.2022(CPC No. CPC/2122/A3/243735235 and demand reference no. 2022202137079318755T) u/s. 143(1) was Rs. 34,80,670/- , thereby addition of Rs. 3,89,431/- was made by the Revenue while processing return of income u/s. 143(1) of the Act. In the remark column it is stated in the said intimation u/s 143(1) issued by CPC dated 8th July, 2022 that adjustment u/s. 143(1) has been made of Rs. 3,89,431/- as under:- Adjustments u/s 143(1)(a) Disallowance o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (iii) Dividend income of Rs. 5,585/- (iv) interest from deposit with post office under head income from other of Rs. 48,690/- and (v) long term capital gain under the head capital gain of Rs. 2,62,383/-. It was stated that these amounts have been credited in the profit and loss account but since income is not earned from the business activities , and hence they are shown as taxable income under the different heads. Thus, it was claimed that CPC has committed an error by making addition of the said amount u/s. 143(1) as it tantamount to double taxation of the same income. The ld. Addl/JCIT(A) considered the contentions of the assessee and deleted the addition on account of bank interest income FDR of Rs. 68,949/- bank interest income (saving ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ference of the amount between Rs. 2,62,383/- of long term capital gain as reported in clause no. 16(d) of tax audit report and an amount of Rs. 2,53,211/- being declared as long term capital gain in ITR, but while passing the appellate order, the ld. Addl./JCIT(A) confirmed the addition of Rs. 2,62,383/-. 5. Aggrieved , the assessee has filed appeal before the Tribunal and ld. counsel for the assessee made argument before the Bench that ld. Addl./JCIT erred in sustaining the addition of Rs. 2,63,383/- on account of long term capital gain on the ground that the same is not matched with the long term capital gain of Rs. 2,53,211/- as declared in the return of income. The ld. counsel for the assessee submitted that at best the addition of Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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