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TMI Blog2024 (9) TMI 15X X X X Extracts X X X X X X X X Extracts X X X X ..... of the authorities below in so far as these are against the appellant is opposed to law, weight of evidence, natural justice, probabilities, facts and circumstances of the appellant's case. 2 (a) The learned assessing officer erred in considering the cost of acquisition of shares at Rs. 2,12,22,225/- as against the correct cost of acquisition of Rs. 3,04,78,745/- as adopted in the revised computation filed under the facts & circumstances of the case. (b) The learned assessing officer failed to appreciate that the appellant did not consider Rs. 56/- being exercise price per share in the return of income filed by oversight and the assessing officer ought not to have taken advantage of the error committed by the appellant under the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ividual. During the relevant Assessment Year, assessee had disclosed income from business and profession, house property, capital gains and other sources. For the Assessment Year 2018-19, the return of income was filed on 27.10.2018 declaring total income of Rs. 27,40,91,400/-. Subsequently, assessee filed revised return on 26.11.2018 claiming relief under sections 90 and 91 of the Act. The assessment was selected for limited scrutiny under CASS and notice under section 143(2) of the Act was issued on 22.09.2019. During the course of assessment proceedings, assessee had submitted that while arriving at the value of capital gains, the cost of acquisition of shares was taken at lower value in the return of income which led to the capital gain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The learned AR relied on the grounds and submitted that during the course of assessment proceedings, assessee filed revised computation claiming higher cost of acquisition for the shares sold during the relevant Assessment Year. It was submitted that a fresh claim made before the appellate authority does not impinge / restrict the powers of appellate authority in considering the claim. In this context, the learned AR relied on the following judicial pronouncements: i) PCIT vs. Karnataka State Co-operative Federation Ltd. reported in 128 taxmann.com 1 ii) FNF India (P.) Ltd. vs. ACIT reported in 133 taxmann.com 251 iii) Hirsh Bracelet India (P.) Ltd. vs. ACIT reported in 109 taxmann.com 50 6. The learned DR supported the orders of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ltd. (supra) has held that even if a claim is not made before the Assessing Officer it can be made before the Appellate Authority. A division bench of High Court of Bombay m Pruthvi Brokers and Shareholdes Ltd. (supra) has dealt with the powers of the Appellate Authorities. The division bench of the High Court after noticing the decision of the Supreme Court in National Thermal Power Co. Ltd. (supra) has held that in the aforesaid decision the Supreme Court has not held anything contrary to what was held in Goetze (India) Ltd. (supra) and has reaffirmed the legal position that even if the claim is not made before the Assessing Officer, it can be made before the Appellate Authorities and jurisdiction of the Appellate Authorities to entertain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hich have been referred to in preceding paragraph, we answer the substantial question of law in the affirmative and against the revenue. In the result, we do not find any merit in this appeal, the same fails and is hereby dismissed." 9. Similar view has been held by Bangalore Bench of Tribunal in the cases cited supra (at para 5). In light of the aforesaid judgment of the Hon'ble jurisdictional High Court, we restore the matter to the AO. The AO is directed to examine whether assesee is entitled to higher cost of acquisition of Rs. 184.09 per share. The assessee shall place the necessary evidence in support of his case and shall not seek unnecessary adjournment in the matter. The AO is directed to afford reasonable opportunity of heari ..... X X X X Extracts X X X X X X X X Extracts X X X X
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