TaxTMI 
TaxTMI 
2023 (7) TMI 858
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.... "1. On the facts and in the circumstances of the case and in law the learned Commissioner of Income Tax (Appeals), Rajkot 1 as erred in confirming action of the Assessing Officer of disallowing additional claim of deduction of Rs 22,50,000/- u/s 30(1)(viii) on the ground that the modification in deduction claim was made otherwise than by filing a revised return 2. On the facts and in the circumstances of the case and in law the learned Commissioner of Income Tax Appeals), Rajkot 3 has erred in not exercising his discretionary powers u/s 250 of the IT. Act and Rule 46A(6) of the T Rules of modification of deduction claim despite the fact that a plea to modify the legitimate claim u/s 36(1)(viii) to Rs 2,62,50,000 instead of....
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....ght to add to or alter, amend, substitute, delete or modify all or any of the above grounds of appeal. Your Appellant craves the right to add to or alter, amend, substitute, delete or modify all or any of the above grounds of appeal." 3. The brief facts of the case are that the assessee is a cooperative Bank engaged in the business of banking and operates within Rajkot. The return of income for the impugned assessment year was filed on 09-09-2014 showing a net income of Rs. 17.04 crores. The assessee's income included a profit of Rs. 36.37 crores derived from provision of long-term finance for construction or purchase of houses in India and for industrial or agricultural development etc. Section 36(1)(viii) of the Act provides t....
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....im of 20% of the profits is the upper limit of claiming deduction u/s. 36(1)(viii). It was for assessee to make a claim of deduction in the return of Income. In the Instant case of assessee claimed deduction of only Rs. 2, 10,00,000/-. He cannot be allowed the deduction higher than claim of assessee in the return of income. The assessee could claim higher deduction only through revised return of Income which he has not done. In view of the decision of Honable Apex court in the case of Goetze India Limited 284 ITR 323 the claim of additional deduction is not tenable. The judgments cited by assessee do not help the case of assessee In view of the decision of Honable Supreme Court In case of Goetze Indla. Wherein the Honable Supreme Court held....
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....om.), the High Court held that an assessee is entitled to raise before appellate authorities additional grounds in terms of additional claims not made in return filed by it. Again the Bombay High Court in the case of Sesa Goa Ltd.[2020] 117 taxmann.com 548 (Bombay) held that where assessee inadvertently omitted to make claim for deduction under section 10B in respect of two 100 per cent Export Oriented Undertakings, however, all necessary facts for claiming deduction under section 10B were already on record, Commissioner (Appeals) in exercise of his plenary/co-terminus powers, as well as Tribunal, ought to have entertained claim. The Karnataka High Court in the case of Karnataka State Co-operative Federation Ltd.[2021] 128 taxmann.com 1 (Ka....