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2017 (7) TMI 869 - HC - Income TaxExemption of income computable under Section 11(1B) - whether the Tribunal was not justified in holding that the CIT (Appeals) could exclude the deemed Capital Gain Income of the Trust from its Total Income even though the Assessee Trust had not claimed such exclusion in its Return of Income and no Revised Return had been filed by the Assessee Trust? - Held that:- The genuineness of the transactions in question so also its nature is not disputed by the Revenue. The Commissioner (Appeals) has observed that the Assessee trust is enjoying exemption of income computable under Section 11(1B) of the Act. From perusing the Assessment Order, it is apparent that the Assessing Officer was satisfied about the claim of the Appellant that the income declared in return under Section 11(1B) was done erroneously, as on this claim made by the Appellant during Assessment, no adverse finding has been made. The judgment of Goetze India Limited (2006 (3) TMI 75 - SUPREME Court) of the Apex Court is referred to by the Division Bench of this Court in case of Pruthvi Brokers and Shareholders P. Ltd. (2012 (7) TMI 158 - BOMBAY HIGH COURT) wherein this Court has observed that the Assessee is entitled to raise not merely additional legal submissions before the Appellate Authorities but is also entitled to raise additional claims. The Appellate Authorities have jurisdiction to deal with additional grounds, which were available when the return was filed. In the present case also the Revenue had not suggested that the omission was deliberate or malafide.
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