CIT v Pruthvi Brokers & Shareholders (P.) Ltd. [2012] 23 taxmann.com 23 (Bombay HC) Facts of the case: Assessee had claimed in his return for A.Y. 2004-05 a deduction under section 43B in respect of payment of SEBI fees of Rs. 10,00,000 each paid on 16th July, 2004 and 29th April, 2004 i.e. during the financial year 2004-05. Thus, admittedly, for the relevant assessment year viz. 2004-05, the assessee was not entitled to a deduction in respect of the said payments. In the course of assessment proceedings before the AO, the assessee stated that the claim was made inadvertently. The respondent, however, made a claim of Rs. 40,00,000 under section 43B in respect of payment of the SEBI fees on 9th May, 2003 i.e. in the assessment year 2004-05. The AO rejected the claim on the ground that he had no authority to allow any relief or deduction which had not been claimed in the return. CIT(A) and ITAT ruled in assessee’s favour and allowed the deduction. Hence, the instant Departmental appeal.

Assessee entitled to claim additional deductions/reliefs before appellate authorities – Bombay HC