Namastey Chemicals Ltd., Baroda V. The ACIT.,Circle-4, Baroda

MA 142/AHD/2012

• Counselvise Citation: [2012] 123 COUNSELVISE.COM (IT) 9230 (ITAT-AHMEDABAD)
• Duration Of Justice: 2 month(s) 19 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 12-10-2012
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2001-2002
• Appeal Filed On: 23-07-2012
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: A TIRKEY
• Assessee Lawyers: S N SAPORKAR

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AT AHMEDABAD C BENCH BEFORE: SHRI D.K. TYAGI, JUDICIAL MEMBER AND SHRI T.R. MEENA, ACCOUNTANT MEMBER M.A. NO.142/AHD/2012 (ARISING OUT OF ITA NO.1658/AHD/2009 A.Y. 2001-02 NAMESTEY CHEMICALS PVT. LTD. 9, SANKHESHWARNAGAR, NR. NILESHWAR TEMPLE, MAJALPUR VADODARA-390 011 APPELLANT VS. THE ASST. CIT, CIRCLE-4 BARODA RESPONDENT DEPARTMENT BY : SHRI A. TIRKEY, SR. D.R. ASSESSEE BY : SHRI S.N. SAPORKAR, SR. ADVOCATE DATE OF HEARING : 21.09.2012 DATE OF PRONOUNCEMENT : 12.10.2012 / ORDER PER : D.K. TYAGI, JUDICIAL MEMBER THROUGH THIS M.A. THE ASSESSEE WANTS US TO RECALL O UR ORDER DATED 13.07.2012 ON THE GROUND THAT THE JUDGMENT OF HONB LE GUJARAT HIGH COURT IN THE CASE OF NATIONAL TEXTILE VS. CIT REPORTED IN 24 9 ITR 125, SQUARELY APPLICABLE TO THE FACTS OF THE CASE, HAS NOT BEEN F OLLOWED WHILE DECIDING THE APPEAL OF THE ASSESSEE. THIS BEING A MISTAKE APPAR ENT FROM THE RECORD, IT WAS PRAYED THAT THE ORDER DATED 13.07.2012 MAY KINDLY B E RECALLED. LD. D.R., ON THE OTHER HAND, SUBMITTED THAT THERE IS NO MISTAKE APPARENT FROM RECORD IN THE ORDER PASSED BY THE TRIBUNAL AND IF THE CONTENT ION OF THE ASSESSEE IS ACCEPTED, IT WILL AMOUNT TO REVIEWING THE EARLIER O RDER. THE LAW IS SETTLED THAT M.A. NO.142/AHD/2012 (ARISING OUT OF ITA NO.1658/AHD/2009 A.Y. 2001-02 2 THE TRIBUNAL DOES NOT HAVE POWER TO REVIEW ITS ORDE R. THEREFORE, THE PRAYER MADE BY THE ASSESSEE IN ITS M.A. IS NOT AS PER LAW AND THE M.A. MAY KINDLY BE DISMISSED. 2. AFTER HEARING BOTH THE PARTIES AND PERUSING THE RECORD WE FIND THAT THE TRIBUNAL IN ITS ORDER DATED 13.07.2012 HAS SUST AINED THE PENALTY U/S 271(1)(C) OF THE ACT ON THE GROUND THAT THE ADDITIO N OF RS.9 LACS ON ACCOUNT OF UNEXPLAINED SHARE APPLICATION MONEY HAS BEEN CONFIR MED BY THE TRIBUNAL IN THE QUANTUM PROCEEDINGS AS ALLEGED APPLICANTS OF SH ARES HAVE DENIED TO HAVE SUBSCRIBED TO THE SHARES OF THE ASSESSEE COMPANY. THUS, THE EXPLANATION OFFERED BY THE ASSESSEE WAS FOUND FALSE IN THIS CAS E. IN THE CASE OF NATIONAL TEXTILE VS. CIT (SUPRA) THERE WAS NO SUCH DENIAL ON THE PART OF THE CREDITORS AND THEREFORE, PENALTY WAS DELETED BY HONBLE HIGH COURT BY HOLDING THAT IT WAS NOT A CASE WHERE THE EXPLANATION OFFERED BY THE ASSESSEE WAS FALSE. SINCE THE FACTS WERE DIFFERENT IN THAT CASE, THE SAME WAS NOT FOLLOWED WHILE DECIDING ASSESSEES APPEAL AND THEREFORE, WE FIND NO MERIT I N THE M.A. FILED BY THE ASSESSEE THAT THERE IS ANY MISTAKE APPARENT FROM TH E RECORD IN OUR ORDER DATED 13.07.2012. 3. IN THE RESULT, THE M.A. FILED BY THE ASSESSEE IS DISMISSED. ORDER PRONOUNCED IN OPEN COURT ON 12.10.2012 SD/- SD/- (T.R. MEENA) (D.K. TYAGI) ACCOUNTANT MEMBER JUDICIAL MEMBER TRUE COPY N.K. CHAUDHARY, SR. P.S. COPY OF THE ORDER FORWARDED TO: 1. THE APPLICANT 2. THE RESPONDENT M.A. NO.142/AHD/2012 (ARISING OUT OF ITA NO.1658/AHD/2009 A.Y. 2001-02 3 3. THE CIT CONCERNED 4. THE LD. CIT (APPEALS) 5. THE DR, AHMEDABAD 6. THE GUARD FILE BY ORDER AR,ITAT,AHMEDABAD