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2016 (4) TMI 871 - AT - Income TaxExpenditure incurred towards fund - Held that:- The amounts spent cannot be disallowed. We, direct the AO to allow the amount spent on the above fund as deduction while computing income of the assessee-co-operative bank. Allowance of additional claim on account of loss on sale of securities - Held that:- It is undisputed fact that this claim was made only in the return of income filed in response to notice u/s 148. The issue is whether the assessee is entitled to agitate the issues which were concluded in the original assessment proceedings? This additional claim was obviously not made in the original assessment proceedings nor this issue is one of those issues which is sought to be reconsidered by the AO during the course of re-assessment proceedings. Therefore, concluded issue in the original assessment proceedings cannot be re-agitated during the course of re-assessment proceedings. The ratio laid down by the Hon’ble Supreme Court in the case of Sun Engineering (1992 (9) TMI 1 - SUPREME Court ) is squarely applicable to the facts of the case. Even assuming that it is only re-adjustment of claim already made, such re-adjustment is not possible in the proceedings of re-assessment. The assessee can have recourse to any other provisions of the Income-tax Act, 1961.
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