ACIT CIR, 2 (2)(1), MUMBAI V. LAQSHYA MEDIA LTD (EARLIER KNOWN AS LAQSHYA MEDIA PRIVATE LIMITED), MUMBAI

MA 156/MUM/2021

• Counselvise Citation: [2021] 107 COUNSELVISE.COM (IT) 4258 (ITAT-MUMBAI)
• Duration Of Justice: 2 month(s) 12 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 24-09-2021
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: K
• Assessment Year: 2013-2014
• Appeal Filed On: 12-07-2021
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: GIRBINDER SINGH

Judgement Text

THE INCOME TAX APPELLATE TRIBUNAL K BENCH, MUMBAI SHRI SHAMIM YAHYA (AM) & SHRI PAVANKUMAR GADALE ( JM) M.A. NO. 156/MUM/2021 ARISING IN I.T.A. NO. 7340/MUM/2017 (ASSESSMENT YEAR 2013-14) ACIT, CIRCLE-2(2)(1) ROOM NO. 545 5 TH FLOOR AAYAKAR BHAVAN M.K. ROAD MUMBAI-400 020. VS. M/S. LAQSHYA MEDIA LTD. (EARLIER KNOWN AS LQSHYA MEDIA PVT. LTD.) LAQSHYA HOUSE, SARASWATI BAGU, SOCIETY ROAD, JOGESHWARI-EAST MUMBAI-400 060. PAN : AAACL5004C (APPELLANT) (RESPONDENT) ASSESSEE BY SHRI PRANAY GANDHI DEPARTMENT BY SHRI GIRBINDER SINGH DATE OF HEARING 24.09.2021 DATE OF PRONOUNCEMENT 24.09.2021 O R D E R PER SHAMIM YAHYA (AM) :- BY WAY OF THIS MISCELLANEOUS APPLICATION REVENUE C ONTENDS THAT THERE IS MISTAKE APPARENT FROM RECORD IN THE ORDER OF THIS T RIBUNAL IN ITA NO. 7340/MUM/2017 VIDE ORDER DATED 6.1.2020 FOR A.Y. 20 13-14. THE MISTAKES POINTED OUT ARE AS UNDER :- IT IS RESPECTFULLY SUBMITTED THAT ON THE ISSUE OF INTER NATIONAL TRANSACTION OF CHARGING INTEREST ON THE LOAN TO AE , THE HON'BLE IT A T VIDE ITS ORDER ITA NO. 1984/MUM/2017 DATED 14.11.2018 FOR A.Y. 2012-13 HAD REFERRED BACK THE ISSUE TO TPO FOR FRESH CONSIDERATION AFTER VERIFYING WHETHER THE LOAN IS REPAYABLE IN INDIAN CURRENCY OR FOREIGN CURRENCY AN D THEREAFTER DECIDE THE CHARGING OF INTEREST ACCORDINGLY AND HAD NOT DELETED T HE ADJUSTMENT. FOR THE AY 2013-14, THE HON'BLE ITAT IN ITS ORDER IN ITA NO. 7340/MUM/2017 A.Y. 2013-14 DATED 06.01.2020 THOUGH RELIED ON ITS EARLIE R ORDER FOR A.Y. 2012-13, INADVERTENTLY STATED 'SINCE THE FACT ARE IDENTICAL FOLLOWING THE PRECEDE NCE FROM ITAT DECISION IN ASSESSEE OWN CASE WE HOLD THAT NO ADJUSTMENT IN THIS REGARD IS TO BE MADE. WE DIRECT ACCORDINGLY', INSTEAD OF SETTING ASIDE THE MATTER TO THE FILE OF THE TPO. (II) THIS MISCELLANEOUS APPLICATION BEFORE THE H ON'BLE ITAT IS TO PRAY THAT THE HON'BLE ITAT MAY KINDLY RECALL THE ORDER IN ITA N O. 7340/MUM/2017 M/S. LAQSHYA MEDIA LTD. (EARLIER KNOWN AS LQSHYA MEDIA PVT. LTD.) 2 A.Y. 2013-14 DATED 06.01.2020 TO RECTIFY THE ABOVE M ISTAKE APPARENT FROM RECORD AND RENDER JUSTICE. 2. WE HAVE HEARD BOTH THE PARTIES AND PERUSED THE R ECORDS. WE NOTE THAT IT HAS BEEN POINTED BY THE REVENUE THAT THERE IS A MIS TAKE IN PAGE NO. 12 OF THE ITAT ORDER IN PARAGRAPH 19, WHERE THE ISSUE OF ADJ USTMENT PERTAINING TO INTEREST ON LOAN TO AE HAS BEEN ADJUDICATED. THE I TAT HAS IN THE SAID ADJUDICATION REFERRED TO THE ITAT ORDER FOR THE SAM E ASSESSEE FOR ASSESSMENT YEAR 2012-13, WHEREIN THE MATTER WAS REMANDED BACK TO THE FILE OF THE TPO. HOWEVER, THE ITAT INADVERTENTLY CONCLUDED THAT SINCE FACTS ARE IDENTICAL FOLLOWING THE PRECEDENCE FROM THE ITAT DECISION IN ASSESSEES OWN CASE WE HOLD THAT NO ADJUSTMENT IN THIS REGARD IS TO BE MADE. WE DIRECT ACCORDINGLY. 3. LEARNED COUNSEL OF THE ASSESSEE FAIRLY AGREED TH AT MISTAKE IS THERE IN ITAT ORDER IN AS MUCH AS MATTER WAS REMANDED BACK T O THE TPO BY THE ITAT ORDER IN EARLIER YEAR WHICH HAS BEEN FOLLOWED, BUT THE CONCLUSION HAS BEEN ERRONEOUS. 4. UPON CAREFUL CONSIDERATION, WE ARE OF THE CONSID ERED OPINION THAT THERE IS MISTAKE APPARENT FROM RECORD ON THIS ISSUE. ACCO RDINGLY, WE RECALL THE AFORESAID ORDER OF THE ITAT ONLY TO LIMITED EXTENT TO ADJUDICATE AFRESH THE ISSUE OF ADJUSTMENT PERTAINING TO INTEREST ON LOAN TO AE AS ABOVE. 5. IN THE RESULT, THIS MISCELLANEOUS APPLICATION BY THE REVENUE STANDS ALLOWED. PRONOUNCED IN THE OPEN COURT ON 24.9.2021. SD/- SD/- (PAVANKUMAR GADALE) (SHAM IM YAHYA) JUDICIAL MEMBER ACCO UNTANT MEMBER MUMBAI; DATED : 24/09/2021 COPY OF THE ORDER FORWARDED TO : 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT(A) M/S. LAQSHYA MEDIA LTD. (EARLIER KNOWN AS LQSHYA MEDIA PVT. LTD.) 3 4. CIT 5. DR, ITAT, MUMBAI 6. GUARD FILE. BY ORDER, //TRUE COPY// ( ASSISTANT REGISTRAR) PS ITAT, MUMBAI