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2014 (5) TMI 1215 - HC - Income TaxClaim not set out in the return of income - Disallowance of Additional claim for proportionate initial rent paid and other expenses incurred on aircraft acquired on finance lease - assessee company failed to make the said claim through a revised return as provided in the Act - ITAT allowed the claim - HELD THAT:- AO was in error in not allowing the assessee to raise the claim merely because it was not set out in the return of income or referred thereunder. This view taken by the Assessing Officer is not in consonance with the law laid down by this Court in the case of Commissioner of IncomeTax V/s. Pruthvi Brokers and Shareholders P. Ltd. [2012 (7) TMI 158 - BOMBAY HIGH COURT] - the refusal of the Assessing Officer to consider the claim is erroneous in law. Assessing Officer is now directed and in terms of the Division Bench order to allow the assessee to raise this claim. However, the claim shall be considered on its own merits and in accordance with law by the Assessing Officer. He shall to do so within a period of three months from the date of the receipt of the copy of this order. All contentions of both sides in relation to this claim are kept open. Assessing Officer shall also follow the same exercise as is directed by our order in M/S. JET AIRWAYS (I) LTD. [2014 (5) TMI 707 - BOMBAY HIGH COURT] and in relation to the claim for depreciation on the aircrafts taken on hirepurchase by the assessee. He shall apply the same circular of 1943 as is referred by our order passed in the companion appeals to complete the exercise within the time stipulated therein.
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