M/s Rampuria Industries and Investments Limited, Kolkata V. DCIT, Cent. Cir-2(2), Kolkata, Kolkata

MA 12/KOL/2022

AI Insights

The case revolves around a miscellaneous application filed by M/s. Rampuria Industries & Investments Ltd. against an earlier order of the Income Tax Appellate Tribunal, Kolkata. The application contended that the Tribunal had overlooked a decision from a co-ordinate bench concerning the same assessee for a different assessment year (A.Y. 2011-12) during the deliberation of ITA No. 1961/Kol/2017 for A.Y. 2012-13. The omitted decision was crucial as it pertained to the same issue of net loss in foreign currency derivative transactions, which the assessee was contesting. The Tribunal acknowledged the oversight and recalled the previous order, agreeing that the omission constituted a mistake apparent on record, thus justifying rectification under section 254(2) of the Income Tax Act.

• Counselvise Citation: [2022] 140 COUNSELVISE.COM (IT) 301063 (ITAT-KOLKATA)
• Duration Of Justice: 15 year(s) 3 month(s) 12 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 23-11-2022
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Next Hearing Date: 15-09-2022
• Assessment Year: misc
• Appeal Filed On: 10-08-2007
• Other Referred Cases: Finquick Finance (P) Ltd. vs CIT
• Laws Referred To: Income Tax Act
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 254(2)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, KOLKATA BENCH “B”, KOLKATA BEFORE SHRI MANISH BORAD, HON’BLE ACCOUNTANT MEMBER AND SHRI SONJOY SARMA, HON’BLE JUDICIAL MEMBER MA No.12/Kol/2022 (Arising out of ITA No. 1961/Kol/2017) Assessment Year: 2012-13 M/s. Rampuria Industries & Investments Ltd. P-10/2, Hungerford Street, Kolkata-700017. PAN: AABCR 6319 P Vs. DCIT, Central Circle-2(2), Kolkata (Appellant) (Respondent) Present for: Appellant by : Shri Soumitra Choudhury, Advocate Respondent by : Shri Vijay Kumar, Addl. CIT, Sr. DR Date of Hearing : 16.09.2022 Date of Pronouncement : 24.11.2022 O R D E R PER SONJOY SARMA, JM: The assessee has filed miscellaneous application against the order dated 18.11.2021 of this Tribunal in ITA No. 1961/Kol/2017 for A.Y. 2012- 13. Hence, the grievance of the petitioner is that the Tribunal while deciding the appeal has omitted to consider the decision rendered by the Co-ordinate Bench passed in assessee’s own case for A.Y. 2011-12 in ITAT, Kolkata on 22.11.2019 vide ITA No. 1891/Kol/2018 which was cited before the Tribunal. 2. The petitioner assessee to prove the above fact in support of its claim has filed an affidavit dated 25.08.2020 narrating all the facts. The ld. representative for the petitioner submitted before us that this an error / mistake apparent on record which requires rectification u/s 254(2) of the Act as held by the Co-ordinate Bench decision in the case of Finquick Finance MA No. 12/KOL/2022 M/s. Rampuria Industries & Investments Limited A.Y. 2012-13 2 (P) Ltd. vs CIT (2003) 81 TTJ (Delhi) 319: (2003) 87 ITD 323 (Delhi) that where the decision cited before the Tribunal was not considered at all, there is a mistake apparent on record rectifiable u/s 254 (2) of the Act. The ld. representative of the petitioner further invited our attention on the same issue for the A.Y. 2011-12, the Co-ordinate Bench allowed the claim of the petitioner in respect of net loss in foreign currency derivative transaction. This is a prejudice cause to the assessee which requires rectification. On the other hand, the ld. departmental representative relied on the order of the Tribunal. 3. We have considered the rival submission in the light of the material placed before us and precedent relied upon. The submission of the petitioner assessee is that the decision rendered in assessee’s own case for the A.Y. 2011-12 passed by ITAT, Kolkata on 22.11.2019 vide ITA No. 1891/Kol/2018 cited before the Tribunal, at the time of hearing, the appeal was left out to be considered by the Tribunal by oversight. As held by the Delhi Bench in the case of Finquick Finance (P) Ltd. vs DCIT (supra). This is mistake apparent on record which required to be rectified u/s 254(2) of the Act. Therefore, in the interest of justice and for the reasons stated above, we recall the order dated 18.11.2021 passed in ITA No. 1961/Kol/2021. 4. In the result, the Miscellaneous Application of the assessee is allowed. Order pronounced in the open court on 24.11.2022. Sd/- Sd/- (MANISH BORAD) (SONJOY SARMA) ACCOUNTANT MEMBER JUDICIAL MEMBER Kolkata, Dated: 24.11.2022. Biswajit, Sr. P.S. MA No. 12/KOL/2022 M/s. Rampuria Industries & Investments Limited A.Y. 2012-13 3 Copy to: 1. The Appellant: M/s. Rampuria Industries & Investments Ltd. 2. The Respondent: DCIT, Central Circle-2(2), Kolkata. 3. The CIT, Concerned, Kolkata 4. The CIT (A) Concerned, Kolkata 5. The DR Concerned Bench. //True Copy// [ By Order Assistant Registrar ITAT, Kolkata Benches, Kolkata