SURESH MANEKLAL SHETH, MUMBAI V. ITO 25 (3)(4), MUMBAI

MA 107/MUM/2022

• Counselvise Citation: [2022] 104 COUNSELVISE.COM (IT) 1354 (ITAT-MUMBAI)
• Duration Of Justice: 4 month(s) 23 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 09-10-2022
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: G
• Next Hearing Date: 21-07-2022
• Assessment Year: 2007-2008
• Appeal Filed On: 16-05-2022
• Result in Favour of: Assessee
• Court: TRIBUNAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, ‘G‘ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI M.BALAGANESH, ACCOUNTANT MEMBER M.A. No.107/Mum/2022 (Arising out of ITA No.3580/Mum/2018 (Asse ssment Year :2007-08) Shri. Suresh Maneklal Sheth 7, Kusum Niwas, S.V.Road, Irla, Vile Parle(W), Mumbai-400056 Maharashtra Vs. ITO 25(3)(4) C-10-606, Pratyakshakar Bhavan, BKC, Bandra(E) Mumbai-400051 Maharashtra PAN/GIR No.AJMPSO119H (Appellant) .. (Respondent) Assessee by Shri Prateek Jain Revenue by Shri Manoj Sinha Date of Hearing 22/07/2022 Date of Pronouncement 10/10/2022 आदेश / O R D E R PER M. BALAGANESH (A.M): By virtue of this Miscellaneous Application, the assessee seeks to recall the order passed by this Tribunal for A.Y.2007-08 in ITA No.3580/Mum/2018 dated 29/11/2021 wherein the profit element embedded in the value of disputed purchases was estimated at 12.5% by affirming the order of the ld. CIT(A). On perusal of the file we find that the ld. AR had vide letter dated 27/10/2021 had furnished various decisions of this Tribunal including the decision of this Tribunal in assessee’s own case wherein under similar facts and circumstances, the ITA No.107/Mum/2022 Shri. Suresh Maneklal Sheth, 2 profit percentage has been estimated at 6%. Hence, the non-following of the decision of this Tribunal constitute mistake apparent on record which would be eligible for rectification u/s.254(2) of the Act. Hence, we are inclined to accept to the contentions of the ld. AR and accordingly, recall the appeal by allowing the Miscellaneous Application of the Assessee. 2. Registry is directed to fix the main appeal for hearing on 14/11/2022 after informing the both the parties. 3. In the result, Miscellaneous Application of the assessee is hereby allowed. Order pronounced on 10/10/2022 by way of proper mentioning in the notice board. Sd/- (AMIT SHUKLA) Sd/- (M.BALAGANESH) JUDICIAL MEMBER ACCOUNTANT MEMBER Mumbai; Dated 10/10/2022 KARUNA, sr.ps ITA No.107/Mum/2022 Shri. Suresh Maneklal Sheth, 3 Copy of the Order forwarded to : BY ORDER, (Sr. Private Secretary / Asstt. Registrar) ITAT, Mumbai 1. The Appellant 2. The Respondent. 3. The CIT(A), Mumbai. 4. CIT 5. DR, ITAT, Mumbai 6. Guard file. //True Copy//