Case Law Details
Karan Jain Vs. The Union Of India And 3 Ors (Gauhati High Court)
Heard Dr. A Saraf, learned senior counsel for the petitioner. Also heard Mr. S Sarma, learned standing counsel for the Income Tax Department.
2. Issue notice, returnable by six weeks.
3. Extra copies of the writ petition be served on the learned counsel for the respondents within three days.
4. The petitioner was served with the notice dated 24.03.2021 for hearing in respect of a revision proceeding under Section 263 of the Income Tax Act 1961 (for short, the IT Act). In the notice dated 24.03.2021 at Clause 3 it was stated that while the assessment was completed by allowing an amount of Rs.5,30,257/- being the difference between LTCG from sale of shares credited at Rs.36,89,039/- and such LTCG shown in computation of income at Rs.31,58,782/- which was not brought to tax. Accordingly, in clause 4 of the notice dated 24.03.2021, a satisfaction was arrived at that the assessment made 28.12.2018 was erroneous and prejudicial to the interest of revenue.
Please become a Premium member. If you are already a Premium member, login here to access the full content.
