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2020 (12) TMI 1114 - AT - Income TaxAllowability of claim - additional claim by way of letter, which are not claimed in the return of income by the assessee - Deduction towards forex loss - HELD THAT:- There is a distinction between revised return and correction of return. If the assessee files some application for correcting the return filed or making amends therein, it would not mean that he has filed a revised return. It will retain the character of the original return. But once a revised return is filed, the original return must be taken to have been withdrawn and could have been substituted by a fresh return for the purpose of assessment. In the present case, the assessee filed a letter seeking the deduction towards forex loss. A.O. outrightly rejected it without discussing anything about it. On the contrary the CIT(A) observed that the claim is not relates to the assessment year under consideration and it relates to the earlier assessment year. As gone through the computation statement of forex loss furnished by the assessee, which is placed in paper book page 32 as per which, loss up to 31.3.2013 is at ₹ 20,63,782/- and for the year ended 31.3.2014 cumulatively it is ₹ 62,60,284/-. Thus, it mean that the loss relate to the assessment year under consideration is only ₹ 41,96,702/-. Income Computation Disposal Standard-6 has relevance to the year under consideration and the placing of reliance by A.R. on this standard is misplaced. Coming to the allowability of deduction, in our opinion, assessee is entitled for forex loss relevant to the assessment year under consideration only to the tune of ₹ 41,96,702/- and not entire amount of ₹ 62,60,285/-. Accordingly, we direct the A.O. to grant deduction towards forex loss to the tune of ₹ 41,96,702/- only. This ground of assessee is partly allowed.
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