2025 (9) TMI 719

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....hat assessee has claimed certain legal claim in revised return of income filed before the Assessing Officer. However, as per the decision of Hon'ble Apex Court in Goetze (India) Ltd. vs. CIT 284 ITR 323 (SC), the Assessing Officer may not have power to entertain new claim, however appellate authorities have power. Therefore, we find force in the contention of the assessee that ld. CIT (A) should have entertain the claim of the assessee. Therefore, we find force in the contention of the assessee to proceed to take up the other grounds of appeal on merits. 3. At the time of hearing, ld. AR of the assessee brought to our notice the facts emerges from the records are that :- (a) Assessee made booking of few units in the upcoming pro....

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....by him while filing the original ITR ; (j) AO refused to entertain Revised Computation of Income, on the ground that time for filing Revised ITR is over and he cannot entertain the Revised Computation of Income, without having Revised ITR on record ; (k) accordingly AO assessed Total Income of Rs. 35864682/-. 4. Before us, ld. AR of assessee pleaded that Hon'ble Apex Court in Goetz India Ltd. (284 ITR 323) clarified that though the AO was not empowered to entertain Revised Computation of Income in the absence of Revised ITR yet there is no prohibition on the power of the Tribunal. Ld. AR also relied upon Hon'ble Delhi High Court judgement in Jai Parabolic Springs Ltd. (306 ITR 42) and Hon'ble Bombay High Cou....

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....d to conclusion that charging income tax on unreal income of Rs. 3.60 Crores will not be justified particularly when the AO has not brought on record any material to show that Assessee received such amount. 6. On the other hand, ld. DR relied on the orders of the lower authorities. 7. Considered the rival submissions and material placed on record. We are of the view that Developer mischievously filed its TDS Return, just to cover up its follies and to save it from rigors of the law. Hence we delete the addition of Rs. 3.60 Crores while clarifying that deduction claimed by assessee at Rs. 1,41,38,774/- on account of interest paid or borrowed funds will not be allowable under such circumstances. No argument was advanced by ld. AR of the....