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2014 (1) TMI 1179 - AT - Income TaxDisallowance u/s 37(7) of the Act - Revised return filed – Held that:- The decision in CIT Vs. M/s. Pruthvi Brokers & Shareholders Pvt. Ltd. 2012 (7) TMI 158 - BOMBAY HIGH COURT] followed - The assessee had filed revised computation of income before the Assessing Officer at the time of assessment proceedings claiming expenditure which were erroneously disallowed u/s.37(7) while filing the return of income - the assessee has not filed any fresh claim - It is not the case where the assessee is claiming additional deduction or exemption - The assessee is only claiming expenditure which was left out at the time of filing of original return - During assessment proceedings, the Assessing Officer has power to make upward and downward adjustment in the income returned by the assessee - Where the assessee has not claimed certain expenditures clearly evident from records and it comes to the knowledge of Assessing Officer at the time of assessment proceedings, the Assessing Officer should grant relief to the assessee – order of the CIT(A) set aside – Decided in favour of Assessee.
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