Santosh Starch Ltd.,(Santosh Securities Ltd.,), Ahmedabad V. The Dy.CIT(OSD)Circle-8, Ahmedabad

MA 10/AHD/2011

• Counselvise Citation: [2012] 123 COUNSELVISE.COM (IT) 8536 (ITAT-AHMEDABAD)
• Duration Of Justice: 1 year(s) 5 month(s) 24 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 13-07-2012
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2003-2004
• Appeal Filed On: 19-01-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: C K MISHRA

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AT AHMEDABAD A BENCH BEFORE: SHRI D.K. TYAGI, JUDICIAL MEMBER AND SHRI A.K. GARODIA, ACCOUNTANT MEMBE R M.A. NO.10/AHD/2011 (ARISING OUT OF ITA NO.180/AHD/2007 DY. COMMISSIONER OF INCOME-TAX (OSD), CIRCLE-8 AHMEDABAD APPELLANT VS. SANTOSH SECURITIES LTD. 201, KARMA COMPLEX, NR. MAHALAXMI 4 RASTA, PALDI, AHMEDABAD RESPONDENT DEPARTMENT BY : SHRI C.K. MISHRA, SR. D.R. ASSESSEE BY : SHRI GAURAV NAHTA, A.R. DATE OF HEARING : 06.07.2012 DATE OF PRONOUNCEMENT 13.07.2012 / ORDER PER : D.K. TYAGI, JUDICIAL MEMBER THROUGH THIS M.A. THE ASSESSEE PRAYS TO RECALL OUR ORDER DATED 24.02.2010 ON THE GROUND THAT A MISTAKE OF FACT HAS CREPT IN, IN THAT ORDER WHILE DECIDING THE APPEAL OF THE ASSESSEE. 2. WHILE DECIDING THE APPEAL THE HONBLE BENCH HAS OBSERVED AS UNDER:- WE FIND FROM THE CASE RECORDS AND ARGUMENTS OF BOT H THE SIDES THAT THE AMOUNT WRITTEN OFF IS ON ACCOUNT OF M.A. NO.10/AHD/2011 (ARISING OUT OF ITA NO.180/AHD/2007 2 UNSECURED LOAN AND NOT A BUSINESS LOAN AS THESE LOA NS WERE INTEREST FREE. 3. THERE IS NOTHING ON RECORD TO SUGGEST THAT SAID ADVANCE WAS NOT A BUSINESS ADVANCE. THE A.O. AS WELL AS LD. CIT(A) B OTH HAVE STATED THE FACT THAT ASSESSEE WAS ENGAGED IN BUSINESS OF GIVING FINANCE. THEREFORE, THE ORDER DATED 24.02.2010 MAY KINDLY BE RECALLED AND THE MATTER MA Y KINDLY BE REHEARD AND DECIDED ACCORDINGLY. HOWEVER, LD. D.R. SUBMITTED T HAT THERE IS NO MISTAKE APPARENT FROM THE RECORD AND THEREFORE, THE M.A. OF THE ASSESSEE MAY KINDLY BE DISMISSED. 4. AFTER HEARING BOTH THE PARTIES AND PERUSING THE RECORD WE FIND FORCE IN THE CONTENTION OF LD. COUNSEL OF THE ASSESSEE TH AT A MISTAKE OF FACT HAS EMERGED IN OUR ORDER DATED 24.02.2010 AS THE OBSERV ATION OF THE BENCH, AS MENTIONED ABOVE, IS AGAINST THE MATERIAL AVAILABLE ON RECORD AND IS NOT COMING OUT OF THE ORDER OF EITHER FROM THE A.O. OR LD. CIT (A). SINCE A MISTAKE APPARENT FROM THE RECORD HAS CREPT IN, IN OUR ORDER, THE SAM E IS HEREBY RECALLED. REGISTRY IS DIRECTED TO REFIX THE CASE. ORDER PRONOUNCED IN OPEN COURT ON 13.07.2012 SD/- SD/- (A. K. GARODIA) (D.K. TYAGI) ACCOUNTANT MEMBER JUDICIAL MEMBER TRUE COPY N.K. CHAUDHARY, SR. P.S. / COPY OF ORDER FORWARDED TO:- 1. / APPELLANT 2. / RESPONDENT 3. / CONCERNED CIT 4. - / CIT (A) M.A. NO.10/AHD/2011 (ARISING OUT OF ITA NO.180/AHD/2007 3 5. , ! , '# / DR, ITAT, AHMEDABAD 6. $% &' / GUARD FILE. BY ORDER/ , ( / ' ) ! , '# *