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2013 (3) TMI 192 - HC - Income TaxSecurity Assessment - assessment of income u/s 143(3) below the returned income - rectification of mistake - additional grounds - held that:- In the case of National Thermal Power Co. Ltd. v. Commissioner of Income-tax [1996 (12) TMI 7 - SUPREME COURT] apex court hold that, There is no good reason to justify curtailment of the power of the Appellate Assistant Commissioner in entertaining an additional ground raised by the assessee in seeking modification of the order of the assessment passed by the Income-tax Officer. This Court further observed that there may be several factors justifying the raising of a new plea in an appeal and each case has to be considered on its own facts. Following the decision of Apex Court [1996 (12) TMI 7 - SUPREME COURT] held that:- we do not find any reason to interfere with the Tribunal's ultimate conclusion in allowing the assessee's appeal. Though some of the observations may not appeal to us, nevertheless, for the reasons somewhat different from those recorded by the Tribunal we come to the same conclusion. Decision of apex court in CIT v. Shelly Products & others [2003 (5) TMI 4 - SUPREME COURT] distinguished wherein it was held that, assessee's assessed income cannot be less that the return income. Decided in favor of assessee.
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