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2017 (5) TMI 1739 - HC - Income TaxRevised working of capital gains in respect of transaction of BSE shares - Claim denied on the ground that the same was not prayed either in return or in the revised return - HELD THAT:- The issue involved in the aforesaid proposed question is squarely covered against the Revenue in light of the decision of the Division Bench of this Court in the case of Commissioner of Income Tax vs. Mitesh Impex [2014 (4) TMI 484 - GUJARAT HIGH COURT] as held by the Division Bench of this Court that if the revised working of capital gain is brought on record during the course of the assessment, the same is permissible and the same was required to be allowable. Under the circumstances, no error has been committed by the learned ITAT in allowing the revised working of capital gains in respect of transaction of BSE shares. Under the circumstances, present Tax Appeal qua question No.(1) stands dismissed. Disallowance of deduction u/s 40(a)(ia) - reimbursement of expenses - HELD THAT:- The said proposed question of law is also answered against the Revenue by the Division Bench of this Court in the case of Commissioner of Income tax-III vs. Gujarat Narmada Valley Fertilizers Co. Ltd. [2014 (4) TMI 235 - GUJARAT HIGH COURT] wherein as held that on the amount which is reimbursed the TDS is not required to be deducted. The aforesaid is not disputed by Shri Bhatt, learned Counsel appearing on behalf of the Revenue. Under the circumstances, present Tax Appeal qua proposed question No.(3) stands dismissed. Appeal is ADMITTED to consider the following question of law - “Whether on the facts and circumstances of the case, the Appellate Tribunal was justified in deleting the disallowance of deduction u/s 40(a)(ia) of ₹ 30,68,705/in respect of office management and maintenance expenses?”
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