9911796707
TMI Blog2024 (11) TMI 1153X X X X Extracts X X X X X X X X Extracts X X X X ..... ed the figure of brought forward long term capital loss in correct column the same was allowed by CPC. But the brought forward short term capital loss was not filled in proper column, the same was disallowed by CPC. Considering the totality of the facts, we deem it proper to set-aside the order passed by the ld. Addl./JCIT(A)-1, Coimbatore and remand the matter back to his file with a direction to pass a fresh order in the light of our observations after providing reasonable opportunity of being heard to the assessee. The assessee is also directed to comply with the notices issued by the ld. Addl./JCIT(A)-1, Coimbatore and bring this fact to the knowledge of the ld. Addl./JCIT(A)-1, Coimbatore that brought forward long term capital loss was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ring of this appeal. V. The Appellant also reserves his right to ask for a personal hearing on the matter at appropriate point of time in case he feels the same is absolutely essential to the case. 3. The facts of the case, in brief, are that the assessee is a retired engineer and super senior citizen and also high net worth individual having income from capital gains and income from various types of investments. Since last 4 decades, the assessee is regularly assessed to income tax and is paying his taxes continuously. The return of income was e-filed timely i.e. on 30.06.2022 declaring taxable income of Rs. 1,11,85,790/-. The return of income was processed by CPC and intimation u/s 143(1) dated 03.03.2023 was issued wherein additional dem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 10AA or section 16 or clause (b) of section 24 (in respect of the property referred to in sub-section (2) of section 23) or clause (iia) of sub- section (1) of section 32 or section 32AD or section 33AB or section 33ABA or sub-clause (ii) or sub-clause (iia) or subclause (iii) of sub-section (1) or sub- section (2AA) of section 35 or section 35AD or section 35CCC or clause (iia) of section 57 or under any of the provisions of Chapter VI-A other than the provisions of sub-section (2) of section 80CCD or section 80JJAA; (ii) without set off of any loss, - (a) carried forward or depreciation from any earlier assessment year, if such loss or depreciation is attributable to any of the deductions referred to in clause (i); (b) under the head ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ied forward LTCG loss. STCG is taxed at normal rates u/s 115BAC is to be taxed without any set off of losses. The working of the CPC is correct and as per law. The CPC has corrected the arithmetical mistake in totalling income as per section 115BAC and this is within the powers u/s 143(1). The grounds raised by the appellant are not valid and are dismissed. 6. In the result the appeal is dismissed. 4. It is this order against which the assessee is in appeal before this Tribunal. 5. The ld. AR submitted before us that the order passed by the ld. Addl./JCIT(A)-1, Coimbatore is not correct. It was submitted that in the return of income brought forward short capital loss of Rs. 27,78,028/- was claimed and the same was set-off against the short ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessment year 2022-23 and setoff be given against the short term capital gain income of assessment year 2022-23, when all other conditions are also fulfilled. 6. The ld. DR relied on the orders passed by the subordinate authorities and requested to confirm the same. 7. We have heard the ld. Counsels form both the sides and perused the material available on record. We find that the CPC has already accepted the figure of short capital loss of Rs. 27,78,028/- in assessment year 2021-22 and allowed the same to be carried forward to assessment year 2022-23. In support of this contention, ld. Counsel of the assessee submitted intimation u/s 143(1) dated 21.06.2022 issued by CPC for assessment year 2021-22. On the basis of this intimation, the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is observed that there are different columns for disclosing short term capital gain. For example, short term capital gain taxable at the rate of 15% or 30% and another column is short term capital gain taxable at applicable rates but it appears that the assessee has not filled in short term capital gain taxable at the rate of 15% or 30% but has filled in the column short term capital gain taxable at applicable rates and according to us this is the error committed by the assessee. As we know that the return processing is computerized one and no manual interference is there and if any figure or claim is not entered in appropriate column the computer disallows the same. We find that in section 115BAC neither brought forward long term capital l ..... X X X X Extracts X X X X X X X X Extracts X X X X
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