MANAS RAWAT,KOLKATA vs. I.T.O., WARD - 50(1), , KOLKATA

Aggrieved by the intimation order assessee preferred an appeal before the Ld. CIT(A) wherein the appeal of the assessee has been dismissed.

The Ld. Counsel for the assessee challenges the impugned order thereby submitting that the assessee had reported total salary income of Rs. 57,38,750/- , interest income of Rs. 1,53,494/-, dividend income of Rs. 1,482/- and commission income of Rs. 3/- in return of income under part A Profit and loss account but due to lack of knowledge the assessee has reported the said salary income under schedule income from salaries. The Ld. Counsel further submitted that the same was reported twice in the income tax return whereas the said income should ideally be reduced from the computation of business income as income offered to tax under head or income claimed as exempt. The counsel contended that this has resulted into double addition on the same items, income under the business and profession was taxed only due to reporting mismatch. The prayer of the ld. Counsel for the assessee is that matter should be remitted back to the file to verify the same.

The Ld. D. R supports the impugned order.

We have perused the order of Ld. CIT(A) and find that the assessee has furnished the particulars of income and amount in its return of income which is as follows:

The contentions of the assessee is that there has been double addition of the same items. We find that the assessee had earned income from salary, interest, commission and dividend only and there was no income from the business and profession for the year under consideration as the chart reveals as stated above. It further reveals that it was an error as claimed by the assessee. The Ld. CIT(A) has also held in its order that the same should have been rectified by filing revised return but the time barred for final return of income and only option available for the assessee to rectify the mistake is to file condonation for delay application to the CBDT u/s 119(2)(b) of the Act and to file the revised return to rectify the mistake.

Going over the record and finding of the Ld. CIT(A), we are inclined to restore the case of the assessee before the AO to verify the same and if the contentions of the assessee found to be correct afresh order should be passed. The order passed by the AO confirmed by the CIT(A) is hereby set aside.