Assessee suffered long-term capital loss from slump sale and claimed allowance of same under section 50B. Assessing Officer disallowed claim for reason that audit report in Form No. 3CEA was not uploaded on Income Tax Portal along with return of income. Tribunal held that since assessee duly furnished copy of audit report in Form No. 3CEA before Assessing Officer during assessment proceedings, Assessing Officer ought to have treated same as sufficient compliance for purpose of allowing claim. (AY. 2018-19)
Wellman Coke India Ltd. v. DCIT (2023) 203 ITD 687 (Kol) (Trib.)
S. 50B : Capital gains-Slump sale-long-term capital loss-audit report-Copy of Form No. 3CEA during assessment proceedings-Denial of exemption is not valid. [S. 139(1), R.6H, Form No 3CEA]