Goetze (India) Ltd. Does Not Restrict Appellate Authorities From Entertaining New Claims: ITAT Chennai

Balchandra Builders Pvt. Ltd. Vs DCIT (ITAT Chennai) In , the Chennai Bench of the Income Tax Appellate Tribunal (ITAT) partly allowed the appeal filed by the assessee for Assessment Year 2011-12. The dispute primarily concerned rejection of a fresh claim for exemption arising from sale of agricultural land and verification of deduction claimed under Section 80IB(10) of the Income Tax Act. The assessee company had sold lands situated in Padur and Kazhipattur villages jointly with its directors, Shri Sudarsan and Shri Balachander. In its original return of income, the assessee offered the sale ...