Deduction not claimed earlier can be claimed during Section 153A proceedings

PCIT Vs JSW Steel Ltd (Bombay High Court) Conclusion: Once assessment gets abated, it is open for the assessee to lodge a new claim in a proceeding under Section 153A(1) which was not claimed in his regular return of income, because assessment was never made/finalised in the case of the assessee in such a situation. Thus,  assessee was entitled to lodge a new claim for deduction etc. which remained to be claimed in his earlier/ regular return of income. Held: Assesseee made a new claim for treating gain on pre-payment of deferred VAT/sales tax on Net Present Value (NPV) basis as “capital re...