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2013 (11) TMI 523 - AT - Income TaxClaim of exemption / deduction during assessment proceedings - Denial of additional claims on the ground that claims were not made by way of filing the revised return under Section 139(5) of the Income-tax Act, 1961 – Held that:- Reliance has been placed on the Hon’ble Delhi High Court judgment in the case of CIT Vs. Sam Global Securities Ltd [2013 (9) TMI 876 - DELHI HIGH COURT] - Issue is now squarely covered in favour of the assessee by the decisions of Hon'ble Jurisdictional High Court - That in the case of Sam Global Securities Ltd. (supra), the facts were that in the return of income, the assessee had not claimed exemption under Section 10(35) on the dividend income from the mutual funds and the loss on sale of units as business loss. During assessment proceedings, the assessee filed the revised computation of income claiming exemption as well as business loss. However, the Assessing Officer as well as CIT(A) rejected the assessee's claim on the ground that the assessee had not claimed it by filing of revised return under Section 139(5) within the time limit. In the instant case, ratio of the above decision of Hon'ble Jurisdictional High Court would be squarely applicable - Set aside the orders of authorities below on this point and restored the matter to the file of the Assessing Officer – Decided in favor of Assessee.
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