Loading ITAT cases…
53 orders · Page 2 of 2
The Tribunal noted the assessee's claim of miscommunication and the need for a proper adjudication. For substantial justice, the case was remanded to the Ld. Commissioner for a fresh decision.
The Tribunal observed that the Assessee's transactions were intraday on the Bombay Stock Exchange and demonstrated a marginal difference of Rs.842/- between debit and credit sides, with a profit of Rs.842/-. The authorities below had considered only the sale price, ignoring the purchase price. The Court found the Assessee's claim to be genuine and plausible as no direct material was available against them regarding artificial rigging or share manipulation.
The Assessing Officer (AO) and the Commissioner (Appeals) disallowed the assessee's claim for exemption under section 10(23C) because the assessee failed to file its return of income within the prescribed time as required by section 139(4C). The Tribunal noted that the issue of whether late filing of a return leads to forfeiture of exemption was a point of contention, with differing judicial pronouncements.