Meena Jewels Exports , Hyderabad V. Dy. Commissioner of Income Tax , Circle-5(1), Hyderabad

ITA 286/Hyd/2020

• Counselvise Citation: [2021] 109 COUNSELVISE.COM (IT) 1631 (ITAT-HYDERABAD)
• Duration Of Justice: 10 month(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-02-2021
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Next Hearing Date: 04-02-2021
• Assessment Year: 2014-2015
• Appeal Filed On: 20-03-2020
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: TOTA SUBRAMANYAM
• Assessee Lawyers: P MURALI MOHAN RAO
• Section: 143(3); 54; 154

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES SMC : HYDERABAD (THROUGH VIRTUAL CONFERENCE) BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER IT A NO. 2 86 /H/20 20 ASSESSMENT YEAR: 20 14 - 15 MEENA JEWELS EXPORTS, HYDERABAD. PAN AATFM3783D VS. DY. COMMISSIONER OF INCOME - TAX, CIRCLE 5(1), HYDERABAD. (APPELLANT) (RESPONDENT) ASSESSEE BY: SHRI P. MURALI MOHAN RAO REVENUE BY: SHRI TOTA SUBRAMANYAM DATE OF HEARING: 0 4 /0 2 /2021 DATE OF PRONOUNCEMENT: 16 /0 2 /2021 O R D E R T H IS ASSESSEE S APPEAL FOR AY 20 14 - 1 5 IS DIRECTED AGAINST THE C I T(A) - 4 , HYDERABAD S ORDER DATED 26 / 02 / 20 20 PASSED IN CASE NO. 10105 / 19 - 20/DCIT, CIR.5(1)/ /CIT(A) 4/ HYD /19 - 20 INVOLVING PROCEEDINGS U/S 1 54 OF THE INCOME TAX ACT , 1961 ; IN SHORT THE ACT. H EARD BOTH THE PARTIES. CASE F ILE PERUSED. 2. COMING TO T HE ASSESSEES S OLE SUBSTANTIVE GR IEVANCE THAT BOTH THE LOWER AUTHORITIES HAS ERRED IN LAW AND ON I TA NO. 286 /HYD/ 2020 M/S MEENA JEWELS EXPORTS, HYD. : - 2 - : FACTS IN EXERCISING SECTION 154 RECTIFICATION JURISDICTION; I NOTICE THAT IN THE ORDER UNDER CHALLENGE DATED 11/03/2019, THE ASSESSING OFFICER HAD PROCEEDED TO DISALLOW INTEREST OF RS. 6 LAKHS BY EXAMINING THE ISSUE AFRESH DESPITE T HE FACT THAT HE HAD FRAMED HIS REGULAR ASSESSMENT U/S 143(3) DATED 29/12/2016. HONBLE APEX COURT IN TS BALA RAM ITO VS. VOLKART BROTHERS [1971] 82 ITR 50 (SC) , HOLD S THAT SUCH A COURSE OF ACTION IS NOT SUSTAINABLE IN THE RECTIFICATION PROCEEDINGS EXIGIBLE ONLY IN CASE OF ARITHMETIC, CLERICAL OR ALIKE MISTAKES. I THEREFORE REVERSE THE LOWER AUTHORITYS IMPUGNED RECTIFICATION ACTION ON THIS COUNT ALONE. 3 . THIS ASSESSEES APPEAL IS ALLOWED IN ABOVE TERMS . PRONOUNCED IN THE OPEN COURT ON 16 TH FEBRUARY , 2021 . SD/ - ( S.S. GODARA ) JUDICIAL MEMBER HYDE RABAD, DATED : 16 TH FEBRUARY , 20 2 1 K V I TA NO. 286 /HYD/ 2020 M/S MEENA JEWELS EXPORTS, HYD. : - 3 - : C OPY TO : ` 1 M/S MEENA JEWELS EXPORTS, C/O P. MURALI & CO., CAS, 6 - 3 - 655/2/3, 1 ST FLOOR, SOMAJIGUDA, HYDERABAD 82 2 DCIT, CIRCLE 5(1), HYDERABAD. 3 C I T(A) 4 , HYDERABAD. 4 PR. CIT 4 , HYDERABAD 5 ITAT, DR, HYDERABAD. 6 GUARD FILE.