2016 (6) TMI 961

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....r short) raising following questions for our consideration. "[A] Whether the Appellate Tribunal has substantially erred in deleting the disallowance of Rs. 36.68 crores made u/s 14A of the I.T. Act ? [B] "Whether the Appellate Tribunal has substantially erred in directing the Assessing Officer to delete the suo moto disallowance of Rs. 6.23 crores made by the assessee company in the return of income? [C] "Whether the Appellate Tribunal has erred in not appreciating the fact that the assessee can only make a new claim which was not made in the original return, by way of filing a revised u/s 139(5) of the Act only, as held by Hon. Supreme Court in the case of Goetze India Ltd vs CIT (2006) 284 ITR 323 (Supreme Court)?" 3. Though three que....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

...., the Tribunal referred to and relied upon the decision of Supreme Court in case of National Thermal Power Co. Ltd. vs Commissioner Of Income-tax, reported in 229 ITR 383. The Tribunal also referred to a decision of Division Bench of this Court in case of CIT v. Mitesh Impex reported in 270 CTR 66 (Guj). 5. Having heard learned counsel for the parties and having perused documents on record, we do not see any error in the view of the Tribunal. The question of disallowance under section 14A of the Act has been examined on the basis of materials on record. The Tribunal found that the assessee's interest free funds far exceeded its interest free investments. The Tribunal relied on the decisions of this court in case of this very assessee ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....without raising any dispute about the facts. Not only such additional ground or contention, the Courts have also, as noted above, recognized the powers of the Appellate Commissioner and the Tribunal to entertain a new claim for the first time though not made before the assessing officer. Income Tax proceedings are not strictly speaking adversarial in nature and the intention of the Revenue would be to tax real income. 39. This is primarily on the premise that if a claim though available in law is not made either inadvertently or on account of erroneous belief of complex legal position, such claim cannot be shut out for all times to come,merely because it is raised for the first time before the appellate authority without resorting to revi....