KAWARILAL, CHENNAI V. ACIT,DC/AC,CENTRAL -1(2)CIRCLE, CHENNAI

MA 115/CHNY/2023

AI Insights

The case involves an application for rectification by the assessee, Shri Kawarilal, against an order passed by the Income Tax Appellate Tribunal, Chennai. The original appeal contested the rejection of an alternative plea for telescoping benefit against an estimated notional interest of 24% by the CIT(A). The Tribunal had partly allowed the main ground of the assessee's appeal by estimating the interest rate at 20%, but did not address the alternative plea as it was deemed unnecessary following the partial allowance of the main ground. The assessee sought to have this alternative plea considered, leading to the rectification application. The Tribunal, however, found no mistake in their previous order and dismissed the application.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 134368 (ITAT-CHENNAI)
• Duration Of Justice: 1 month(s) 19 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 07-09-2023
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 07-09-2023
• Assessment Year: 2018-2019
• Appeal Filed On: 18-07-2023
• Result in Favour of: Revenue
• Court: TRIBUNAL

Judgement Text

आयकर अपीलीय अिधकरण “सी” ायपीठ चे ई म । IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, CHENNAI माननीय ी महावीर िसंह, उपा एवं माननीय ी मनोज कु मार अ%वाल ,लेखा सद( के सम । BEFORE HON’BLE SHRI MAHAVIR SINGH, VP AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM M. A. No.115/Chn y/2023 [In ITA No.100/Chny/2023] (िनधा)रण वष) / Assessment Year: 2018-19) Shri Kawarilal 56, Ammayappa Mudali Street, Royapettah, Chennai-600 014. बनाम / V s . ACIT Central Circle-1(2), Chennai. थायीलेखासं./जीआइआरसं./PAN/GIR No. A LSP K - 7370- A (अपीलाथ /Appellant) : ( थ / Respondent) अपीलाथ कीओरसे/ Appellant by : Shri i. Dinesh (Advocate)- Ld.AR थ कीओरसे/Respondent by : Shri AR V. Sreenivasan (Addl. CIT)- Ld. Sr. DR सुनवाईकीतारीख/Date of Hearing : 08-09-2023 घोषणाकीतारीख /Date of Pronouncement : 08-09-2023 आदेश / O R D E R Manoj Kumar Aggarwal (Accountant Member) 1. By way of this application, the assessee seeks rectification in Tribunal order passed in captioned appeal on 06-07-2023. The Ld. AR submitted that the assessee raised specific ground before Tribunal that Ld. CIT(A) erred in rejecting alternative plea of the assessee to grant telescoping benefit against estimated notional interest of 24%.The Ld. AR submitted that the Tribunal did not dispose-off this ground in the 2 order and therefore, the order may be recalled to that extent. The Ld. Sr. DR opposed any interference in the order. 2. Upon perusal of para 4 of Tribunal’s order, it could be seen that Tribunal estimated interest rate of 20% and partly allowed the main ground of the assessee. In such a case of estimation, no further relief could be granted to the assessee. Secondly, the plea raised by the assessee was only an alternative plea in case interest disallowance was confirmed. Since main ground was partly allowed, the bench did not consider the alternative plea of the assessee. Therefore, we find no mistake apparent from record which would require our indulgence u/s 254(2). 3. The application stand dismissed. Order pronounced on 08 th September, 2023. Sd/- Sd/- (MAHAVIR SINGH) (MANOJ KUMAR AGGARWAL) उपा34 / VICE PRESIDENT लेखा सद6 / ACCOUNTANT MEMBER चे8ई Chennai; िदनांक Dated :08-09-2023 DS आदेश की Aितिलिप अ %ेिषत/Copy of the Order forwarded to : 1. अपीलाथ /Appellant 2. थ /Respondent 3. आयकर आयु@/CIT 4. िवभागीय ितिनिध/DR 5. गाडE फाईल/GF