https://www.taxtmi.com/caselaws?id=30970 The High Court disallowed deductions claimed by a bank under section 43B of the Income-tax Act due to non-compliance. The rejection of the bank's rectification application under section 154 was upheld based on lack of evidence. However, the bank's entitlement to benefits under section 80P was allowed by the Commissioner of Income-tax (Appeals). The Income-tax Appellate Tribunal held that entertaining new claims on appeal exceeded jurisdiction under section 154. The Court emphasized the importance of considering statutory provisions and circulars in determining benefit entitlement and directed a fresh assessment by the Assessing Officer. en-us Thu, 19 Jun 2008 00:00:00 +0530 Fri, 10 Oct 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30970 The High Court disallowed deductions claimed by a bank under section 43B of the Income-tax Act due to non-compliance. The rejection of the bank's rectification application under section 154 was upheld based on lack of evidence. However, the bank's entitlement to benefits under section 80P was allowed by the Commissioner of Income-tax (Appeals). The Income-tax Appellate Tribunal held that entertaining new claims on appeal exceeded jurisdiction under section 154. The Court emphasized the importance of considering statutory provisions and circulars in determining benefit entitlement and directed a fresh assessment by the Assessing Officer. Case-Laws Income Tax Thu, 19 Jun 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30970