Claim not included in return can be considered during appellate proceedings: ITAT Ahmedabad

ACIT Vs Bharuch Dist. Central Co-op. Bank Ltd (ITAT Ahmedabad) ITAT Ahmedabad held that if an assessee has failed/omitted to make a claim at the time of filing of return of income the same can be claimed during the course of appellate proceedings. Accordingly, claim placed before appellate authorities allowed. Facts- AO erred by denying additional deduction u/s. 36(1)(viia) for an amount of Rs.45,00,000/- classified as Standard Assets Contingency Reserve in the Profit and Loss Account. The AO denied the deduction on the basis that this claim was not included in the return of income and could n...