SRI NALIN RANJAN, JAMSHEDPUR V. ITO WD-1(3), JSR

MA 21/RAN/2019

AI Insights

The case involves a Miscellaneous Application under section 254 of the Income Tax Act filed by Shri Nalin Ranjan against the order of the Income Tax Appellate Tribunal dated 29th August 2019, concerning the assessment year 2014-15. The application sought to address alleged oversights in the original judgment regarding the grounds of appeal related to the cost of acquisition and indexation of capital gains. The Tribunal, after reviewing the submissions and the original order, concluded that the issues raised had been adequately addressed and dismissed the application.

• Counselvise Citation: [2022] 140 COUNSELVISE.COM (IT) 129850 (ITAT-RANCHI)
• Duration Of Justice: 2 year(s) 11 month(s) 12 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 16-11-2022
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: SMC
• Next Hearing Date: 14-11-2022
• Assessment Year: 2014-2015
• Appeal Filed On: 04-12-2019
• Other Referred Cases: Hon \'ble Jharkhand High Court & coordinated bench of this tribunal, Hon \'ble Apex Court
• Laws Referred To: Income Tax Act
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Capital Gains

Judgement Text

M.A. No. 21/RAN/2019 (in ITA No. 331/RAN/2017) Assessment Year : 2014-2015 Shri Nalin Ranjan, Jamshedpur 1 IN THE INCOME TAX APPELLATE TRIBUNAL, KOLKATA-RANCHI ‘e-COURT’, KOLKATA [Virtual Court Hearing] Before Dr. Manish Borad, Accountant Member & Shri Sonjoy Sarma, Judicial Member M.A. No. 21/RAN/2019 (in I.T.A. No. 331/RAN/2017) Assessment Year: 2014-2015 Shri Nalin Ranjan,......................................................................Applicant D-41, Phase-V, Vijaya Heritage, Uliyan, Kadma, Jamshedpur [PAN: AAUPR7041Q] -Vs.- Income Tax Officer,......................................................................Respondent Ward-1(3), 47, C.H. Area, Bistupur, Jamshedpur Appearances by: Shri Devesh Poddar, Advocate, appeared on behalf of the assessee Shri Rupesh Agarwal, ACIT (DR), appeared on behalf of the Revenue Date of concluding the hearing : November 15, 2022 Date of pronouncing the order: November 17, 2022 O R D E R Per Dr. Manish Borad, Accountant Member:- The present Miscellaneous Application under section 254 of the Income Tax Act filed by the assessee is against the order of Tribunal in ITA No. 331/RAN/2017 dated 29 th August, 2019 for assessment year 2014-15. 2. The ld. Counsel for the assessee referred to the following contents by the Miscellaneous Application:- “ R e s p e c t f u l l y a p p e l l a n t s u b m i t s t h i s p e t i t i o n U / s 25 4 f o r r e c t i f i c a t i o n o f m i s t a k e a p p a r e n t f r o m t h e o r d e r o f H o n ' b l e I . T . A . T . o r d e r d a t e d 2 9 / 0 8 / 2 0 1 9 . T h e a p p e a l f i l e d b y t h e a p p e l l a n t w a s h e a r d b y t h e H o n ' b l e m e mb e r s o n 2 7 t h A u g u s t ’ 2 0 1 9 d u r i n g c a m p a t R a n c h i . M.A. No. 21/RAN/2019 (in ITA No. 331/RAN/2017) Assessment Year : 2014-2015 Shri Nalin Ranjan, Jamshedpur 2 ( 1 ) T h a t t h e a p p e l l a n t h a d f i l e d a d d i t i o n a l / r e v i s e d g r o u n d s o f a p p e a l o n p r e v i o u s d a t e o f h e a r i n g t h a t i s 0 7 / 0 1 / 2 0 1 9 w h i c h h a s n o t b e e n a d j u d i c a t e d u p o n v i d e t h e o r d e r d a t e d 2 9 / 0 8 / 2 0 1 9 . T h e g r o u n d r a i s e d w a s a l e g a l g r o u n d w h i c h w a s d i s m i s s e d b y L d . C I T ( A ) , h o w e v e r t h e s a m e s t a n d s c o v e r e d i n f a v o u r o f a s s e s s e e b y t h e d e c i s i o n o f H o n ’ b l e J h a r k h a n d H i g h C o u r t & c o o r d i n a t e d b e n c h o f t h i s t r i b u n a l . ( 2 ) T h a t t h e a p p e l l a n t o r i g i n a l l y h a d r a i s e d 5 g r o u n d s o f a p p e a l a s a n n e x e d w i t h f o r m 3 6 . H o n ' b l e b e n c h w h i l e a d j u d i c a t i n g u p o n t h e g r o u n d s h a s c o m p l e t e l y o v e r l o o k e d g r o u n d N o . 4 a n d h a s n o t a d j u d i c a t e d t h e s a m e . A s s u c h , t h e s a m e n e e d s t o b e l o o k e d a n d c o n s i d e r e d , b e i n g a l e g a l g r o u n d . (3) T h a t t h e o r d e r p a s s e d o n 2 9 / 0 8 / 2 0 1 9 i s c o m p l e t e l y o n d i f f e r e n t f o o t i n g s a s a g a i n s t t h e g r o u n d s r a i s e d . I n t h e o r d e r p a s s e d H o n ' b l e b e n c h h a s h e l d w h e t h e r c a p i t a l g a i n s i s t o b e c a l c u l a t e d o n s h o r t t e r m o r l o n g t e r m b a s i s w h e r e a s t h e i s s u e i n v o l v e d i s w i t h r e s p e c t t o c o s t o f a c q u i s i t i o n a n d i n d e x a t i o n t h e r e b y . T h e r e w a s n o i s s u e w i t h r e s p e c t t o t h e n a t u r e o f c a p i t a l g a i n s H o n ' b l e b e n c h a l s o o v e r l o o k e d t h e s u b m i s s i o n s o f t h e a p p e l l a n t w h i c h w a s b a s e d u p o n t h e d e c i s i o n o f H o n ' b l e A p e x C o u r t w h i c h h a s b e e n d u l y f o l l o w e d b y t h e c o o r d i n a t e d b e n c h o f t r i b u n a l s t a t i n g t h a t p r i n c i p l e s o f c o n s i s t e n c y m u s t b e f o l l o w e d . A s s u c h , t h e g r o u n d s r a i s e d n e e d s t o b e l o o k e d i n t o a f r e s h a n d d e c i d e d j u d i c i o u s l y u p o n t h e m e r i t s . W e t h e r e f o r e s u b m i t t h a t t h e H o n ' b l e I T A T d i d n o t c o n s i d e r t h e g r o u n d s r a i s e d / a d d i t i o n a l g r o u n d s r a i se d b y t h e a s s e s s e e j u d i c i o u s l y o n m e r i t s . W e t h e r e f o r e p ra y t h a t t h e o r d e r p a s s e d o n 2 9 / 0 8 / 2 0 1 9 m a y k i n d l y b e r e c a l le d , g r o u n d s o f a p p e a l r a i s e d a n d a d d i t i o n a l g r o u n d s r a is e d w h i c h h a v e n o t b e e n a d j u d i c a t e d u p o n m a y k i n d l y b e l o o k e d i n t o a n d o r d e r m a y k i n d l y b e p a s s e d a f t e r g iv i n g f r e s h o p p o r t u n i t y o f h e a r i n g t o t h e a p p e l l a n t . A n d f o r t h i s a c t o f k i n d n e s s a p p e l l a n t s h a l l e v e r pr a y ” . 3. On the other hand, ld. Departmental Representative opposed to these contents of the Miscellaneous Application and stated that the issues stand adjudicated by this Tribunal. M.A. No. 21/RAN/2019 (in ITA No. 331/RAN/2017) Assessment Year : 2014-2015 Shri Nalin Ranjan, Jamshedpur 3 4. We have heard the rival contentions and perused the relevant records placed before us. The grievance of the assessee is that in the impugned order, the Tribunal has dealt with the issue that capital gains is to be calculated on short-term or long-term basis, whereas the issue involved is with respect to cost of acquisition and indexation. We fail to find any merit in this contention of the assessee as we notice that all the four grounds raised by the assessee stand duly adjudicated by this Tribunal and a well reasoned order has been passed. Therefore, the grievance of the assessee in the Miscellaneous Application cannot be termed as mistake apparent from record and the same is rejected. 5. In the result, the Miscellaneous Application filed by the assessee is dismissed. Order pronounced in the open Court on November 17 th , 2022. Sd/- Sd/- (Sonjoy Sarma) (Manish Borad) Judicial Member Accountant Member Kolkata, the 17 th day of November, 2022 Copies to : (1) Shri Nalin Ranjan, D-41, Phase-V, Vijaya Heritage, Uliyan, Kadma, Jamshedpur (2) Income Tax Officer, Ward-1(3), 47, C.H. Area, Bistupur, Jamshedpur (3) Commissioner of Income Tax(Appeals), Jamshedpur (4) Commissioner of Income Tax- . (5) The Departmental Representative (6) Guard File TRUE COPY By order Assistant Registrar, Income Tax Appellate Tribunal, Kolkata Benches, Kolkata Laha/Sr. P.S.