TMI Blog2018 (10) TMI 1693X X X X Extracts X X X X X X X X Extracts X X X X ..... dia Ltd vs. CIT [ 2006 (3) TMI 75 - SUPREME COURT] and CIT Vs. Abhinitha Foundation (P) Ltd., [ 2017 (6) TMI 604 - MADRAS HIGH COURT] we find merit in the order of the Ld.CIT(A), who has rightly relied in the decision of the higher and apex judiciaries. As in the case National Thermal Power Company Ltd., vs. CIT [ 1996 (12) TMI 7 - SUPREME COURT] has categorically held that the Tribunal has jurisdiction to decide on the question of law arising from the facts found by the Income Tax Authorities having bearing on the tax liability of the assessee - direct AO to admit the fresh claim made by the assessee in the course of assessment proceedings and adjudicate the same in accordance with law and merit after affording enough opportunity of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ufacturing of steel and alloy steel castings, filed its return of income for the assessment year 2012-13 on 28.09.2012 admitting total income of ₹ 29,67,24,050/- under normal provisions and book profit of ₹ 28,15,50,064/- under Section 115JB of the Act. Initially the return was processed U/s.143(1) of the Act and subsequently the case was selected for scrutiny under CASS and notice U/s.143(2) of the Act was issued on 23.09.2013. Finally assessment order was passed U/s.143(3) of the Act on 17.03.2015 wherein the Ld.AO refused to entertain the fresh claim made during the course of assessment proceedings with respect to mark to mark loss provisions written back, loss on cancellation of forward contracts incurred during the financia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the relevant material was available on record, either by the appellate authorities, (which includes both the CIT(A) and the Tribunal) by themselves, or on remand, by the Assessing Officer. 5. At the outset we find merit in the order of the Ld.CIT(A), who has rightly relied in the decision of the higher and apex judiciaries. Moreover the Hon ble Apex Court in the case National Thermal Power Company Ltd., vs. CIT reported in 229 ITR 383 has categorically held that the Tribunal has jurisdiction to decide on the question of law arising from the facts found by the Income Tax Authorities having bearing on the tax liability of the assessee. Drawing strength from the same, we hereby direct the Ld.AO to admit the fresh claim made by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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