Tribunal to Assessee: No new claims in 147 or Section 154 proceedings

Assessee had filed its return of income   declaring total income of Rs.101,33,86,210/-& in  143(3) order,  total income was assessed at Rs. 105,29,30,940/-. Assessee filed appeal before   CIT(A) &  ITAT. ITAT provided part relief to the assessee. Appeal effect  was given by A.O. Thereafter,  AO received information that during the year under consideration, the assessee has received hefty share premium, which was over and above the nominal value. AO, therefore, was of the view that the said share premium was not genuine. He was of the view that the income of the assessee on account of  the aforesaid share premium had escaped assessment &  reopened the assessment u/s.147 r.w.s.148.

Assessee during the reassessment proceedings carried out u/s.147, made a new claim of deduction on account of ESOP.  AO,   observed that the new claim of deduction of expenses on account of ESOP cost was not maintainable in the re-opened assessment proceedings u/s.147 also  observing that Assessee never claimed the aforesaid ESOP cost expenses in the books of accounts nor in the original return of income nor during the original assessment proceedings carried out u/s.143(3) and even not in the appellate proceedings before the CIT(A) and the Tribunal.  AO observed that such a new claim during the assessment proceedings carried out u/s.147 .  AO also observed that the aforesaid claim of deduction on account of ESOP cost expense was even not related to the escaped income. AO disallowed the aforesaid claim made by Assessee.