Short Term Gain return filed by NRI

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An NRI is facing a tax demand where their declared short-term capital gain was doubled by the IT Department for AY 21-22, despite rectification attempts. While the AIS report shows TDS and SFT details, the exact reason for the discrepancy between the filed gain (2348720) and the computed gain (4595800) remains unclear. The advice suggests checking the intimation notice under section 143(1) and the SFT data for sell consideration, as double reporting is suspected.

RAJEEV KUMAR MEHTA

RAJEEV KUMAR MEHTA (Querist)
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24 June 2024 For assessment year 21-22 the short term gain filed in the IT Return has been doubled by IT Department and raised a tax demand accordingly. All efforts for rectification and submission of grievance has not yielded any result.
What could be the possible reason for dibling the income by Department?
What is the remedy?

Kindly Advise!

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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25 June 2024 Check the intimation received u/s. 143(1) IT act along with AIS report. There you can find the reason for the discrepancy.

RAJEEV KUMAR MEHTA

RAJEEV KUMAR MEHTA (Querist)
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25 June 2024 Thank You Sir! Have accessed AIS but it only gives details of TDS and SFT. Not able to find the reason for doubling the gain by department.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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25 June 2024 SFT gives the value of sell consideration, check that. Also intimation order will give the difference of the gains reported by you and that by the system.

RAJEEV KUMAR MEHTA

RAJEEV KUMAR MEHTA (Querist)
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25 June 2024 Thank You Sir! Yes intimation does indicate STG filed and STG processed. Filed 2348720, Computed 4595800. Not able to identify the reason.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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25 June 2024 What about AIS data for the said gains?

RAJEEV KUMAR MEHTA

RAJEEV KUMAR MEHTA (Querist)
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25 June 2024 Thank You Sir! I believe each and every value would have to be checked with actuals to establish the problem.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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26 June 2024 Yes. There would be double reporting.

RAJEEV KUMAR MEHTA

RAJEEV KUMAR MEHTA (Querist)
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26 June 2024 Thank You Sir! You have been very helpful!