GUJARAT URJA VIKAS NIGAM LTD,VADODARA V. THE DCIT, CIRCLE-1(1)(1), VADODARA

MA 114/AHD/2024

AI Insights

The case involves Gujarat Urja Vikas Nigam Ltd. (the appellant) and the Deputy Commissioner of Income Tax, Circle-1(1)(1), Vadodara (the respondent). The appellant sought a partial recall of the ITAT's order dated 29.02.2024, which had allowed the Department's appeal without considering the appellant's argument that interest income and miscellaneous income should be taxed under 'income from business and profession' rather than 'income from other sources'. This argument was based on a precedent from the ITAT Ahmedabad Coordinate Bench in the appellant's own case for the Assessment Year 2015-16. The Tribunal agreed that the issue was overlooked and allowed the recall to address the taxability of the mentioned incomes.

• Counselvise Citation: [2025] 140 COUNSELVISE.COM (IT) 25188 (ITAT-AHMEDABAD)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 03-01-2025
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2016-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: RIGNESH K. DAS
• Assessee Lawyers: MANISH J. SHAH; RUSHIN PATEL

Judgement Text

" IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, AHMEDABAD BEFORE SHRI SIDDHARTHA NAUTIYAL, JUDICIAL MEMBER & SHRI NARENDRA PRASAD SINHA, ACCOUNTANT MEMBER M.A. No.114/Ahd/2024 (in ITA No.414/Ahd/2020) (Assessment Year: 2016-17) Gujarat Urja Vikas Nigam Ltd., Sardar Patel Vidyut Bhuvan, Race Course Circle, Vadodara-390007 Vs. Deputy Commissioner of Income Tax, Circle-1(1)(1), Vadodara [PAN No.AACCG2861L] (Appellant) .. (Respondent) Appellant by : Shri Manish J. Shah & Shri Rushin Patel, A.Rs. Respondent by: Shri Rignesh K. Das, Sr. D.R. Date of Hearing 13.09.2024 Date of Pronouncement 03.01.2025 O R D E R PER SIDDHARTHA NAUTIYAL, JM: Vide the present Miscellaneous Application, the assessee has sought partial recall of order dated 29.02.2024 on the ground that during the course of hearing the assessee had relied on order passed by the ITAT Ahmedabad Coordinate Bench in assessee’s own case for A.Y. 2015-16 i.e. the immediately preceding year in ITA No. 569/Ahd/2019 in which it was held that interest income and miscellaneous income earned by the assessee is liable to be taxed under the head “income from business and profession” instead of “income from other sources”. However, the Tribunal in it’s order dated 29.02.2024 allowed the appeal of the Department without taking into consideration the aforesaid contention of the Counsel for the assessee, which constitutes a mistake apparent from record. MA No.114/Ahd/2024 (in ITA No. 414/A/20) Gujarat Urja Vikas Nigam Ltd. vs. DCIT Asst.Year –2016-17 - 2 - 2. On going through the facts of the instant case, we are hereby recalling the order of ITAT in ITA No. 414/Ahd/2020 vide order dated 29.02.2024 to the limited extent with regard to taxability of interest income and miscellaneous income which we observe was not adjudicated by the ITAT in the above order. 3. In the result, the Miscellaneous Application of the assessee praying for limited recall of order dated 29.02.2024 is allowed and the matter may be fixed for hearing in due course. This Order pronounced in Open Court on 03/01/2025 Sd/- Sd/- (NARENDRA P. SINHA) (SIDDHARTHA NAUTIYAL) ACCOUNTANT MEMBER JUDICIAL MEMBER Ahmedabad; Dated 03/01/2025 TANMAY, Sr. PS TRUE COPY आदेश की Ůितिलिप अŤेिषत/Copy of the Order forwarded to : 1. अपीलाथŎ / The Appellant 2. ŮȑथŎ / The Respondent. 3. संबंिधत आयकर आयुƅ / Concerned CIT 4. आयकर आयुƅ(अपील) / The CIT(A)- 5. िवभागीय Ůितिनिध, आयकर अपीलीय अिधकरण, राजोकट / DR, ITAT, Rajkot 6. गाडŊ फाईल / Guard file. आदेशानुसार/ BY ORDER, उप/सहायक पंजीकार Dy./Asstt.Registrar) आयकर अपीलीय अिधकरण, अहमदाबाद / ITAT, Ahmedabad 1. Date of dictation 03.01.2025 2. Date on which the typed draft is placed before the Dictating Member 03.01.2025 3. Other Member………………… 4. Date on which the approved draft comes to the Sr.P.S./P.S 03.01.2025 5. Date on which the fair order is placed before the Dictating Member for pronouncement 03.01.2025 6. Date on which the fair order comes back to the Sr.P.S./P.S 03.01.2025 7. Date on which the file goes to the Bench Clerk 03.01.2025 8. Date on which the file goes to the Head Clerk…………………………………... 9. The date on which the file goes to the Assistant Registrar for signature on the order…………………….. 10. Date of Dispatch of the Order………………………………… "