Appellate authority can entertain fresh claim of assesse if relevant facts available on records

Tristar Fashions Vs ACIT (ITAT Mumbai) Undisputedly, in the course of assessment proceedings, the assessee did make a claim through submissions that since the asset sold was held for more than three years, the rate of tax as applicable in case of long term capital gain would apply in terms of section 112 of the Act. Both, the Assessing Officer and learned Commissioner (Appeals) have rejected the aforesaid claim of the assessee on the ground that the assessee has not made such claim either in the original return of income or through a revised return of income as provided under section 139(5) of...