TaxTMI 
TaxTMI 
Power of ITAT in case of an expense which has attained finality in earlier assessment.
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....ower of ITAT in case of an expense which has attained finality in earlier assessment.<br> Query (Issue) Started By: - Akash Chawla Dated:- 8-8-2020 Last Reply Date:- 12-8-2020 Income Tax<br>Got 1 Reply<br>Income Tax<br>I had the following situation The assessee filed a return of income for AY 2013-14 declaring income of ₹ 20 lakhs . the A.O u/s 143(3) made on 31/12/2015 disallowed expense '....
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....A' of ₹ 15 lakhs, although the supreme court has held in some other case that expense 'A' is allowable. The A.O assessed the income at 35 lakhs u/s 143(3). The assessee does not file for any appeal/revision application u/s 264/ rectification (i.e availed no remedies) and the time for filing the appeal/revision/ rectification have all expired. Later A.O finds an income escaping assessment of....
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.... ₹ 25 lakhs for assessment year 2013-14 based on new evidence as on 31/12/2020 and issued notice u/s 148 to the assess the escaped income of ₹ 25 Lakhs. The A.O assessed income of ₹ 60 lakhs u/s 147. The assessee filed the appeal against the order in CIT(appeals) and subsequently to ITAT. During the proceeding in ITAT against the order u/s 147 can the assessee also claimed the d....
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....eduction in respect the certain expense which were wrongly disallowed earlier in assessment u/s 143(3) which has attained finality? Sir, Does the ITAT has the power to admit such claim? Reply By DR.MARIAPPAN GOVINDARAJAN: The Reply: As you rightly told that since you have not filed appeal the order has attained finality. However you may put your submissions before ITAT. It it is allowed it will....
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