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TMI Blog2012 (11) TMI 839X X X X Extracts X X X X X X X X Extracts X X X X ..... ion/examination in the assessment completed u/s 143(3) when the total expenditure is eligible for the said deduction was actually incurred by the assessee, the same could not be disallowed in the subsequent years for want of relevant details or documentary evidence especially when the assessment for the initial year on this issue was not disturbed or modified. There is a mistake in the order of the Tribunal in deciding this issue overlooking the important and material aspect which has a direct bearing on the ultimate decision and the same being apparent from record - Para no. 28 of the order [2010 (1) TMI 908 - ITAT, MUMBAI] modified. X X X X Extracts X X X X X X X X Extracts X X X X ..... sue afresh in accordance with law." "38. The next ground of revenue's appeal is against CIT(A) deleting the disallowance of loss of Rs.63.69 lakhs incurred on account of foreign exchange fluctuations. We find the same issue viz., loss on account of exchange fluctuations in respect of amounts kept abroad was considered in assessee's appeal also. We found that particulars about utilization etc. were furnished first time before the CIT(A) and the AO didn't have an opportunity to examine the issue. We therefore deem fit, as was done in the case of assessee's appeal, to remit the matter to the files of the AO for deciding the issue afresh in accordance with law. We would like to clarify that we have not given our decision on any of the aspects ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... observed by the Tribunal that the said particulars were furnished by the assessee for the first time before the learned CIT(Appeals) and since the AO was not given any opportunity by the learned CIT(Appeals) to examine/verify the said particulars, the Tribunal thought it fit to restore the issue involved in the appeal of the assessee as well as that of the Revenue to the file of the AO for deciding the same afresh in the light of the said particulars. A definite view on the matter, therefore, was taken by the Tribunal on consideration of all the facts and material available on record and, in our opinion, there is no mistake much less any mistake apparent from record in the order of the Tribunal on this issue as allegedly pointed out by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of assessment proceedings for A.Y. 2004-05 under consideration, the Assessing Officer again asked for particulars of expenses as incurred during F.Y. 2001-02. In the mean time, there had taken place substantial damage to the business premises of the appellant on account of the heavy rainfall and consequent massive flood on 26th July 2005 that devastated the suburbs of Mumbai. It was further submitted that on account of the appellant's records for the relevant period having been completed washed away in flood waters, the appellant was not in a position to furnish details for the second time during the course of assessment proceedings for assessment year under consideration. In this connection, the attention of Hon'ble Bench was drawn to pag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... paper book to show that total expenditure of Rs.18,81,95,686/- was incurred in assessment year 2002-03 in connection with demerger/take over as a part of substantive expansion and deduction for the same to the extent of Rs.3,76,39,137/- being 1/5th of the total expenditure incurred was claimed u/s 35DD in assessment year 2002-03. In the Annexure 'D' filed along with the computation of total income, the relevant details were given showing that the remaining amount of expenditure was to be claimed in assessment years 2003- 04 to 2006-07 being the four years immediately succeeding assessment year 2002- 03 wherein the total expenditure was incurred. It was also submitted by the learned counsel for the assessee that the deduction claimed u/s 35D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d before the Tribunal. We have heard the arguments of both the sides and also perused the relevant material on record. It is observed that the expenditure in respect of which deduction u/s 35DD is claimed by the assessee in the year under consideration was incurred in assessment year 2002-03. As submitted by the learned counsel for the assessee, deduction to the extent of 1/5th of the total expenditure incurred was initially claimed u/s 35DD in assessment year 2002-03 and the same was allowed by the AO in the assessment completed u/s 143(3) after necessary examination/verification. In our opinion, once the deduction claimed by the assessee u/s 35DD was allowed in the initial year i.e. 2002-03 when the relevant expenditure was actually incur ..... X X X X Extracts X X X X X X X X Extracts X X X X
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