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The Commissioner of Income Tax-6, Mumbai Versus Shri Ashok M. Kurien

2016 (11) TMI 122 - BOMBAY HIGH COURT

Allowance of issue raised before the Appellate Authority for the first time - Held that:- Apex Court in the case of National Thermal Power Co. Ltd. v. CIT [1996 (12) TMI 7 - SUPREME Court] clarified that the Appellate Authority is entitled to entertain a claim for the first time on a point of law provided the facts, on the basis of which the claim is made are available on record. This was in the context of dealing with the powers of the Appellate authority. The decision of the Supreme Court in G .....

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issioner of Income Tax. Central-I Versus M/s. Pruthvi Brokers & Shareholders Pvt. Ltd. [2012 (7) TMI 158 - BOMBAY HIGH COURT ] - Income Tax Appeal No. 734 of 2014 - Dated:- 24-10-2016 - M. S. Sanklecha And S. C. Gupte, JJ. Mr. Suresh Kumar, a/w. Ms. Samiksha Kanani, for the Appellant Mr. Ashok Patil, for the Respondent ORDER P. C. This appeal under Section 260A of the Income Tax Act, 1961 ( the Act ) challenges the order dated 4 September 2013 passed by the Income Tax Appellate Tribunal ( Tribun .....

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ar, omitted to claim long term capital gains (loss) suffered due to extinguishment of rights in respect of 24767 shares in the defunct company. Similarly, the Respondent Assessee had in its computation of capital gains by mistake omitted to claim exemption to the extent it was entitled to under Section 54F of the Act. The Assessing Officer did not allow the Respondent Assessee to raise those issues during the Assessment proceeding as the same was not a claim made in the return of income or by fi .....

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could be made before the Appellate Authorities. Nevertheless, the impugned order set aside the order of the CIT(A) and restored the matter to the Assessing Officer to consider/verify both the claims, which were made by the Respondent Assessee before the Appellate Authority for admissibility on merits. 6. The grievance of the Revenue before us is that any issue, which requires verification/examination of the facts, cannot be raised before the Appellate Authority for the first time. It has necess .....

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