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TMI Blog2013 (11) TMI 523X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 10(35) on the dividend income from the mutual funds and the loss on sale of units as business loss. During assessment proceedings, the assessee filed the revised computation of income claiming exemption as well as business loss. However, the Assessing Officer as well as CIT(A) rejected the assessee's claim on the ground that the assessee had not claimed it by filing of revised return under Section 139(5) within the time limit. In the instant case, ratio of the above decision of Hon'ble Jurisdictional High Court would be squarely applicable - Set aside the orders of authorities below on this point and restored the matter to the file of the Assessing Officer – Decided in favor of Assessee. - ITA No. No. 1580/Del/2010 - - - Dated: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xpense 'below-the-line' and reversal thereof 'above-the- line' resulted in offering higher income for taxation to the extent of Rs.35,83,542/-. (ii). That the learned CIT(A) has erred in law and on facts in denying the aforesaid additional claims regarding freight expenses and prior period expenses in spite of the fact that on merits, in remand proceedings, the allowability of the said claims had been gone into in detail and the learned Assessing Officer was of the view that the claims made by the appellant were otherwise factually correct. 3. i. That the ld.CIT(A) has erred in law and on facts in rejecting the claim of deduction u/s 43B of the Income- tax Act, 1961 amounting to Rs.2,96,52,486/- made by filing, with the Assessing Office ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nditure within the time limit permitted under Section 139(5). That on appeal, learned CIT(A) called for the remand report of the Assessing Officer and, after considering the same, he, relying upon the decision of Hon'ble Apex Court in the case of Goetze (India) Ltd. Vs. CIT - [2006] 284 ITR 323 (SC), held that the Assessing Officer was justified in rejecting the appellant's claim regarding allowability of expenditure claimed during the assessment proceedings without filing the revised return. He submitted that now this issue is covered in favour of the assessee by a catena of decisions of Hon'ble Jurisdictional High Court. In this regard, he relied upon the following decisions:- (i) CIT Vs. Jai Parabolic Springs Ltd. - [2008] 306 ITR 42 ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urt in the case of Goetze (India) Ltd. (supra). However, he alternatively submitted that if at all the ITAT deems it proper to entertain the assessee's claim, the matter should be set aside to the file of the Assessing Officer to examine the assessee's claim on merits because neither the Assessing Officer nor the CIT(A) has examined the allowability of assessee's claim on merits. We have heard the submissions of both the sides and perused the material placed before us. After considering the arguments of both the sides and the facts of the case, we are of the opinion that the issue is now squarely covered in favour of the assessee by the decisions of Hon'ble Jurisdictional High Court. That in the case of Sam Global Securities Ltd. (supra), ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3 (SC) wherein deduction claimed by way of a letter before the Assessing Officer, was disallowed on the ground that there was no provision under the Act to make amendment in the return without filing a revised return. Appeal to the Supreme Court, as the decision was upheld by the Tribunal and the High Court, was dismissed making clear that the decision was limited to the power of the assessing authority to entertain claim for deduction otherwise than by a revised return, and did not impinge on the power of the Tribunal." 9. In CIT v. Natraj Stationery Products (P) Ltd. [2009] 312 ITR 22/177 Taxman 168 (Delhi) reliance placed on Goetze (India) Ltd. (supra) by the Revenue was rejected, as the assessee had not made any 'new claim' but had as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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