2016 (11) TMI 122

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....espondent ORDER P. C. This appeal under Section 260A of the Income Tax Act, 1961 ("the Act") challenges the order dated 4 September 2013 passed by the Income Tax Appellate Tribunal ("Tribunal"). 2. The impugned order relates to Assessment year 2006-07. 3. The Revenue urges the following question of law for our consideration: " Whether on the facts and in the circumstances o....

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.... of income or by filing a revised return of income. Being aggrieved, the Respondent Assessee appealed to the Commissioner of Income Tax (Appeals) (CIT(A)). By an order dated 4 October 2010, the CIT(A) allowed the Respondent Assessee to raise both the claims before it and, on examination, allowed the appeal of the Respondent Assessee on merits. 5. Being aggrieved, the Revenue carried the issue i....

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....man page 1). 7. This issue is no longer res integra. This Court in CIT, CentralI, Mumbai vs. Pruthvi Brokers & Shareholders (23 Taxmann.com, page 23) has answered the issue against the Revenue. In the above case, the Respondent Assessee had originally made a claim of deduction to the extent of Rs. 20 lakhs under Section 43B of the Act being the payment made to SEBI. Thereafter, it realised that....

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....in it has been clarified that the Appellate Authority is entitled to entertain a claim for the first time on a point of law provided the facts, on the basis of which the claim is made are available on record. This was in the context of dealing with the powers of the Appellate authority. The decision of the Supreme Court in Goetze (India) (supra) only circumscribes the powers of an Assessing Office....