2001 (6) TMI 57

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..... 996-97 was assessed under the provisions of s. 143(3) of the Act by an order dt. 15th March, 1999, by the AO whereas for the asst. yr. 1997-98 the assessment order was passed under s. 143(1) on 17th Sept., 1999. In the course of the assessment, the AO had accepted income of the assessee as returned by the assessee, 3. After the assessment was over, the assessee had filed revision application before the respondent on 18th Dec., 1999, submitting that the assessee was entitled to deduction under the provisions of s. 80HHC for the aforesaid two assessment years, but as deductions were not claimed, by virtue of the revision application, the respondent was requested to give effect to the request for the deductions claimed in the said revision .....

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..... or learned advocate Shri M.R. Bhatt for the. respondent has tried to support the order passed by the respondent by submitting that the assessee ought to have stated all the facts with regard to the deduction claimed at the time when the returns were filed by the assessee and he has further submitted that the order rejecting the revision application was just and proper. 8. We have heard the learned advocates at length. Upon perusal of the impugned order passed by the revisional authority, it is very clear that the revisional authority was more impressed by the fact that the assessment orders were passed by the AO under the provisions of s. 143(1)(a) and s. 143(3) of the Act. It was found by the revisional authority that the income returne .....

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..... ent, it is open to the revisional authority to exercise its jurisdiction under s. 264 of the Act. 11. In the instant case, it is very clear that, without going into the merits of the claim made by the assessee in the returns for the assessment years referred to hereinabove, the revisional authority became technical and rejected the revision application merely on the ground that the deductions, which had been claimed before the revisional authority, were not claimed before the AO. 12. In the course of the arguments, we have noted the fact that interest was earned by the assessee on the advances which the assessee had given to another commercial concern from whom the assessee was purchasing raw material. On the amounts so advanced, the .....

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