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2011 (11) TMI 742

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....fficer? (B) Whether the Appellate Tribunal is right in law and on facts in confirming the order passed by CIT(A) in holding that the assessee is entitled to allow claim of Rs. 1,18,53,407/u/ s.43b of the Act being interest paid to bank on cash credit?" 2. Insofar as question (A) is concerned, counsel for the Revenue fairly conceded that such an issue was decided against the Revenue in Tax Appeal No.852/2005 and 853/2005 by order dated 27.12.2005. In that view of the matter, such question is not required to be considered. 3. Insofar as question(B) is concerned, same arises in the following manner. The assessee filed its return of income for the assessment year 20022003. During the assessment proceedings, the assessee filed letter dated ....

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....ed order. Tribunal held as under : "24. Having considered rival submissions, facts and circumstances of the case and the Supreme Court's decision in the case of Goetze(India) Ltd.(supra)we are of the opinion that revenue having not disputed the finding of the Tribunal contained in para107 of the order, we following the ratio on this decision, uphold the order of the CIT(A). So far as learned DR's plea that this decision was not applicable, we are of the opinion that so far as the decision in the case of Alembic Ltd. (supra) is concerned, though it was the Tribunal who had directed the CIT(A) to admit the ground, but that decision is applicable to the present case with more strength, because in the present case in the present case ....

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....d v. Commissioner of Income Tax reported in 229 ITR 383 and Goetze(India) Ltd.(supra) observed as under : "17. In Goetze(India) Ltd. v. CIT(2006) 284 ITR 323(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. 18. Further, revenue expenditure which is incurred wholly and exc....

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.... or there is any arithmetical error or inaccuracy, it is open to him to claim refund of the excess tax paid in the course of the assessment proceeding. He can certainly make such a claim also before the concerned authority calculating the refund. Similarly, if he has by mistake or inadvertence or on account of ignorance, included in his income any amount which is exemmpted from payment of Income-tax, or is not income within the contemplation of law, he may likewise bring this to the notice of the assessing authority, which if satisfied, may grant him relief and refund the tax paid in excess, if any. Such mattes can be brought to the notice of the concerned authority in Civil Application case when refund is due and payable, and the authority....