2023 (4) TMI 1247

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.... 2. The assessee in its appeal raised the following grounds: - 1. "That the order dated 28.06.2019 passed by learned CIT (A) - 27 New Delhi is bad in law, wrong on facts and void ab initio. 2. That on the facts and the circumstances of the case and in law the learned CIT (A) erred in dismissing the additional ground of appeal pertaining to the claim of the appellant for deduction of Rs. 105.94 crores on account of excess interest credited in books of account and offered and brought to tax, consequent to the judgement of the Supreme Court in the case of Global Steel Holdings Pvt. Ltd. 3. That on the facts and the circumstances of the case and in law the learned CIT (A) erred in holding that the claim pertained to a....

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....l claims can only be admitted by the ITAT and not by the Ld.CIT(Appeals) is not correct and consequently the observation of the Ld.CIT(A) that the additional ground of appeal is not emanating from the assessment order is not justified. 4. Ld. DR strongly placed reliance on the orders of the authorities below. 5. On hearing both the parties and on going through the records before us, we noticed that the assessee has raised additional grounds of appeal before the Ld.CIT(Appeals) as under: - 1. "That on the facts and in the circumstances of the case and in law, the appellant is entitled to a deduction of Rs.105.94 crore out of his business income on account of excess interest credited in the books of accounts and offered for tax....

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.... 323 admitted the additional grounds of appeal raised by the assessee. 8. We further observed that the Ld.CIT(Appeals) over looked the decision of the Hon'ble Supreme Court in the case of Jute Corporation of India Ltd. vs. CIT, [187 ITR 688] which was referred to by the Hon'ble Delhi High Court in the very same judgment on the powers of the appellate authorities including the Appellate Assistant Commissioner on entertaining an additional ground raised by the assessee, wherein it has been held that the Appellate Assistant Commissioner should exercise his discretion in permitting or not permitting the assessee to raise an additional ground in accordance with law and reason. Therefore, we hold that the CIT(A) has all the powers to entertain....