PIGMENTS LAKES & CHEMICALS MFG CO. LTD, V. ITO WD 2(2)(4),

MA 154/MUM/2012

• Counselvise Citation: [2012] 123 COUNSELVISE.COM (IT) 9729 (ITAT-MUMBAI)
• Duration Of Justice: 9 month(s) 12 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 21-12-2012
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Assessment Year: 2006-2007
• Appeal Filed On: 09-03-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Sale consideration of property below Jantri Value

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH C, MUMBAI BEFORE SHRI I.P.BANSAL,JUDICIAL MEMBER & SHRI B.RAMAKOTAIAH, ACCOUNTANT MEMBER MA NO.154/MUM/2012, (ARISING OUT OF ITA NO.4774/MUM/2009, A.Y. 2006-07) M/S.PIGMENTS, LAKES & CHEMICALS MANUFACTURING CO. PVT. LTD., MAHEN MERCANTILE CORPORATION, GOOL MANSION, 2 ND FLOOR, HOMJI STREET, FORT, MUMBAI -01. PAN:AAACP 3376M (APPLICANT) VS. INCOME TAX OFFICER, CIRCLE. 2(2)(4), MUMBAI. APPLICANT BY : SHRI PRADIP KAPASI RESPONDENT BY : SHRI DINESH KU MAR DATE OF HEARING : 21/12/20 12 DATE OF PRONOUNCEMENT : 21/12/2012 ORDER PER I.P.BANSAL, J.M, VIDE MISCELLANEOUS APPLICATION FILED AS ABOVE IT IS THE CASE OF THE ASSESSEE THAT A MISTAKE HAS CREPT IN THE ORDER OF T HE TRIBUNAL DATED 25/02/2010 PASSED IN ITA NO.4774/MUM/2009. IT WAS SUBMITTED T HAT WHILE DECIDING THE APPEAL, THE DIRECTIONS OF THE TRIBUNAL VIDE WHICH T HE MATTER WAS RESTORED TO LD. CIT(A) WAS LIMITED TO DECIDING THE ISSUE RELATING T O VALIDITY OR OTHERWISE OF ASSESSMENT ON THE GROUND OF ISSUE OF NOTICE UNDER S ECTION 143(2) OF THE ACT. IT IS THE CASE OF THE ASSESSEE THAT VARIOUS GROUNDS WERE RAISED BEFORE THE TRIBUNAL WHICH ARE IN THE SHAPE OF GROUND NO.3,4,5 & 6 WHICH WERE REGARDING THE ADDITION MADE OF RS.1,77,98,863/- REGARDING ASSESSMENT OF C APITAL GAIN UNDER THE PROVISIONS OF SECTION 50C. GROUND NO.7 WAS WITH RE GARD TO THE ADDITION OF RS.2,33,642/-. ALL THESE GROUNDS WERE NOT DECIDED B Y THE TRIBUNAL AND THEY WERE ALSO NOT DIRECTED TO BE DECIDED IN THE RESTORED PR OCEEDINGS BEFORE LD. CIT(A). MA NO.154/MUM/2012, 2 THUS IT IS THE CASE OF THE ASSESSEE THAT NON-DISPOS AL OF GROUND NO.3,4,5,6 & 7 OF THE AFOREMENTIONED APPEAL HAS RESULTED INTO A MISTA KE WHICH HAS CREPT IN THE ORDER OF THE TRIBUNAL. LD. A.R FURTHER SUBMITTED T HAT LD. CIT(A) HAS ALSO DECIDED THE ISSUE RELATING TO NOTICE UNDER SECTION 143(2) A GAINST THE ASSESSEE VIDE APPELLATE ORDER DATED 29/5/2012, AGAINST WHICH ALSO THE ASSESSEE HAD FILED SEPARATE APPEAL WHICH HAS BEEN LISTED FOR HEARING O N 22/10/2013. HE SUBMITTED THAT IF THE PRESENT APPEAL IS RESTORED FOR ADJUDICA TION OF GROUND NO.3,4,5,6 & 7, THEN THE APPEAL MAY BE LISTED FOR HEARING ALOGWITH AFOREMENTIONED APPEAL WHICH IS FIXED ON 22/10/2013. 2. ON THE OTHER HAND, LD. D.R SUBMITTED THAT APPEAL OF THE ASSESSEE HAS ALREADY BEEN DECIDED, HENCE, THERE IS NO MISTAKE IN THE ORDER OF THE TRIBUNAL. 3. WE HAVE CAREFULLY CONSIDERED RIVAL SUBMISSIONS I N THE LIGHT OF THE MATERIAL PLACED BEFORE US. WE HAVE CAREFULLY GONE THROUGH T HE ORDER PASSED BY TRIBUNAL IN ITA NO.474/MUM/2009. IN THE SAID ORDER WHAT WA S RESTORED BACK TO THE FILE OF LD. CIT(A) WAS AN ISSUE RAISED BY THE ASSESSEE B EFORE LD. CIT(A) IN THE SHAPE OF ADDITIONAL GROUND RELATING TO VALIDITY OR OTHERWIS E OF ASSESSMENT ON THE ISSUE OF NOTICE UNDER SECTION 143(2). THE TRIBUNAL DID NOT ADJUDICATE THE AFOREMENTIONED GROUNDS NO.3,4,5,6 & 7. THOSE GROUNDS WERE ALSO N OT RESTORED BACK TO THE FILE OF LD. CIT(A) FOR RECONSIDERATION OR ADJUDICATION. TH EREFORE, THOSE GROUNDS HAVE REMAINED UNADJUDICATED. THUS, THERE IS A MISTAKE I N THE ORDER OF THE TRIBUNAL. ACCEPTING THE SUBMISSION OF THE ASSESSEE MADE IN TH E MISCELLANEOUS APPLICATION WE RESTORE THE APPEAL FILED BY THE ASSESSEE FOR ADJ UDICATION OF GROUND NO.3,4,5 ,6 & 7. THE APPEAL OF THE ASSESSEE WILL BE LISTED FOR HEARING ON 22/10/2013 ALONGWITH THE APPEAL FILED IN RESPECT OF AFOREMENTI ONED ORDER OF LD. CIT(A) DATED 29/5/2012. WE ORDER ACCORDINGLY. MA NO.154/MUM/2012, 3 4. IN THE RESULT, THE MISCELLANEOUS APPLICATION FIL ED BY THE ASSESSEE IS ALLOWED IN THE MANNER AFORESAID. ORDER PRONOUNCED IN THE OPEN COURT ON T HE 21 ST DAY OF DEC. 2012 SD/- SD/- ( B.RAMAKOTAIAH ) (I.P.BANSAL) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, DATED. 21 ST DEC..2012 COPY TO: 1. THE APPLICANT 2. THE RESPONDENT 3. THE CIT CITY CONCERNED 4. THE CIT(A)- CONCERNED 5. THE D.RC BENCH. (TRUE COPY) BY ORDER ASST. REGISTRAR, I TAT, MUMBAI BENCHES MUMBAI. VM.