https://www.taxtmi.com/css/info/rss_sitemap/rss_feed.css?v=1746094055 https://www.taxtmi.com Business/Tax/Law/GST/India/Taxation/Policies/Legal/Corporate Tax/Personal Tax/Vat Law/Legal Information/Tax Information/Legal Services/Tax Services Tax Management India. Com / MS Knowledge Processing Pvt. Ltd. All rights reserved. One stop solution for Direct Taxes and Indirect Taxes https://www.taxtmi.com/caselaws?id=459421 https://www.taxtmi.com/caselaws?id=459421 Jurisdiction of the appellate authorities to consider a fresh or new ground/claim - Admissibility of Claims made through revised computation of income filed in course of assessment proceedings - CIT (A) has concluded that the Appellant has failed to provide any reason as to what prevented the Appellant from filing the revised return before issuance of scrutiny notice under section 143(2) - HELD THAT:- Observations made by the CIT (A) don t take into account the fact that the Appellant had explained that inadvertently mistakes were made while filing the original return of income. There is nothing on record to show that the Appellant did not act in the bonafide manner. The observations made by the CIT (A) in the nature of conjecture and surmise and are, therefore, rejected. As rightly pointed out by Appellant the Assessing Officer accepted the revised claims which were beneficial to the Revenue an enhanced the income while declining to grant relief in respect revised claims which would have resulted in benefit to the Appellant on account of reduction of taxable income. The approach adopted by the Assessing Officer and the CIT (A) cannot be countenanced given the facts and circumstances of the present case. Accordingly, we admit the revise claims made by the Appellant in respect of (a) deduction under Section 35AC (while simultaneously withdrawing deduction claimed under Section 80G of the Act), (b) reduction of book profits by adding the correct amount of provisions for current tax to the net profits as per Profit Loss Account and (c) the claim of set-off of brought forward losses and unabsorbed depreciation. It is not the case of Revenue that the facts relevant to the adjudication of the aforesaid claims are not on record. Therefore, the Assessing Officer is directed to adjust/recompute the taxable income of the Appellant after verification of the aforesaid revised claims made by the Appellant. Denial of deduction u/s 10AA - export proceeds not realized within the aforesaid period of 6 months - HELD THAT:- We find that the solitary issue raised stands decided in favour of Assessee by the decision of BT e-Serv (India) Private Limited [ 2017 (11) TMI 64 - ITAT DELHI ] as held since Section 10AA does not prescribe any time limit for realization of export proceeds, the benefit of Section 10AA cannot be denied to an Assessee merely because the export proceeds were realized after the expiry of 6 months from the end of relevant previous year in which export sales were made. In our view, in case an assessee is able to show that the consideration in respect of exports was received in India or brought into India, the deduction under Section 10AA of the Act should be allowed. In the present case the Appellant had filed the details of realization of export sales with the Assessing Officer and the CIT(A). Therefore, we direct the AO to allow deduction to the Appellant u/s 10AA of the Act by taking into account the export sales realized by the Appellant. Accordingly, the order passed by the Assessing Officer and the CIT (A) are set aside. Ground No raised in the appeal is allowed. Case-Laws Income Tax Tue, 28 Feb 2023 00:00:00 +0530