Nalwa Investment Ltd, V. DCIT Circle 13 (1),

ITA 1727/DEL/2007

• Counselvise Citation: [2010] 136 COUNSELVISE.COM (IT) 3872 (ITAT-DELHI)
• Duration Of Justice: 3 year(s) 1 month(s) 10 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 21-05-2010
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: H
• Assessment Year: 2004-2005
• Appeal Filed On: 10-04-2007
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: H K LAL
• Keywords: Retrospective amendment

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH G : NEW DELHI BEFORE SHRI RAJPAL YADAV, JM AND SHRI R.C.SHARMA, A M MISCELLANEOUS APPLICATION NO.428/DEL/2009 (IN ITA NO.1727/DEL/2007) ASSESSMENT YEAR : 2004-05 DY.COMMISSIONER OF INCOME TAX, CIRCLE-13(1), NEW DELHI. VS. M/S NALWA INVESTMENTS LIMITED, 37, NAJAFGARH ROAD, NEW DELHI 110 015. PAN NO.AAACN0171G. (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI H.K.LAL, SR.DR. RESPONDENT BY : NONE. ORDER PER R.C.SHARMA, AM : THIS MISCELLANEOUS APPLICATION IS FILED BY THE REV ENUE IN RESPECT OF ORDER PASSED BY THE TRIBUNAL IN ITA NO.1727/DEL/2007 FOR THE AY 2004-05, DATED 21.11.2008. 2. CONTENTION OF LEARNED DR IN THE MISCELLANEOUS PE TITION WAS THAT IN TERMS OF RETROSPECTIVE AMENDMENT IN SECTION 14A, THE ASSESSE ES CLAIM FOR DEDUCTION OF EXPENDITURE IS TO BE DISALLOWED. 3. WE HAVE GONE THROUGH THE ORDER OF THE TRIBUNAL A ND FOUND THAT ISSUE WITH REGARD TO CLAIM OF EXPENDITURE BY INVOKING THE PROV ISIONS OF SECTION 14A, WAS RESTORED TO THE FILE OF THE AO FOR RECOMPUTATION IN ACCORDANCE WITH THE DECISION OF THE TRIBUNAL IN ASSESSEES OWN CASE FOR THE AY 2001 -02 DATED 30.1.2008. SINCE DURING THE COURSE OF HEARING IT WAS FOUND THAT FACT S WERE PARI-MATERIA WITH THE ORDER OF TRIBUNAL IN ASSESSEES OWN CASE AND LEARNE D DR ALSO HAS NO OBJECTION FOR RESTORING THE MATTER BACK TO THE FILE OF THE AO FOR RECOMPUTATION OF INADMISSIBLE EXPENDITURE, THE SAME WAS ACCORDINGLY RESTORED BY F OLLOWING THE EARLIER ORDER OF MA-428/DEL/2009 2 TRIBUNAL. WE DO NOT FIND ANY MISTAKE IN THE ORDER OF TRIBUNAL DATED 21.11.2008 WHICH CAN BE RECTIFIED BY RECOURSE OF SECTION 154. THERE IS NO DISPUTE TO THE WELL- SETTLED LEGAL PROPOSITION THAT ONLY MISTAKE APPAREN T ON THE RECORD CAN BE RECTIFIED U/S 254(2) AND NOT THE MISTAKE WHICH REQUIRES DETAI LED REASONING AND DELIBERATIONS. 4. IN THE RESULT, THE MISCELLANEOUS APPLICATION FIL ED BY THE REVENUE IS DISMISSED. DECISION PRONOUNCED IN THE OPEN COURT ON 21 ST MAY, 2010. SD/- SD/- (RAJPAL YADAV) (R.C.SHARMA) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED : 21.05.2010. VK. COPY FORWARDED TO: - 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(A) 5. DR, ITAT DEPUTY REGISTRAR MA-428/DEL/2009 3