CHERYL J PATEL, V. ASST CIT CEN CIR 13,

MA 213/MUM/2015

• Counselvise Citation: [2016] 124 COUNSELVISE.COM (IT) 4117 (ITAT-MUMBAI)
• Duration Of Justice: 6 month(s) 7 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 16-03-2016
• Appeal Filed By: Department
• Order Result: Partly Allowed
• Bench Allotted: C
• Assessment Year: 2001-2002
• Appeal Filed On: 08-09-2015
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: G N MAKWANA
• Assessee Lawyers: V CHANDRASHEKHAR
• Keywords: Assessment record

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH C, MUMBAI BEFORE SHRI R.C. SHARMA, ACCOUNTANT MEMBER AND SHRI SANJAY GARG , JUDICIAL MEMBER MA NO. 212 & 213/MUM/2015 (OUT OF ITA NO S . 5539 /MUM/201 2 & 7526/MUM/2013) : (A.Y : 200 1 - 0 2 ) SMT. CHERYL J. PATEL B/27, CLIFTON SOCIETY, NR. CENTAUR HOTEL, JUHU, VILE PARLE (W), MUMBAI 400 049. PAN : AA CPP6413A VS. ACIT, CENTRAL CIRCLE - 13, MUMBAI ( APPLICANT ) (RESPONDENT) APPLICANT BY : SHRI V. CHANDRASHEKHAR REVENUE BY : SHRI G.N. MAKWANA DATE OF HEARING : 0 9 / 1 0/201 5 DATE OF PRONOUNCEMENT : 16 /03/2016 O R D E R PER R.C. SHARMA, AM : MA NO. 212/MUM/2015 - 1. THIS MISCELLANEOUS APPLICATION AROSE OUT OF ITA NO. 5539/MUM/2012 FOR A.Y 2001 - 02, ORDER OF TRIBUNAL DT. 21.1.2015. 2. THROUGH THIS MISCELLANEOUS APPLICATION IT WAS CONTENDED BY THE LD. AR THAT THE SALE PROCEEDS OF SHARES OF TRIPEX OVERSEAS LTD. WAS CONSIDERED IN A.Y 2007 - 08, THEREFORE, THE TRIBUNAL HAS WRONGLY CONFIRMED THE ADDITION IN A.Y 2001 - 02 WHILE DECIDING THE APPEAL NO. 5539/MU M/2012. 2 SMT. CHERYL J. PATEL MA NOS. 212 & 213/MUM/2015 3. WE HAVE CONSIDERED THE RIVAL CONTENTIONS AND CAREFULLY GONE THROUGH THE ORDER OF THE TRIBUNAL AS WELL AS THE OTHER MATERIALS PLACED BEFORE US. IT APPEARS THAT TRIPEX OVERSEAS LTD. SHARES WERE PURCHASED IN A.Y 2006 - 07 AND WERE SOLD IN A.Y 2007 - 0 8, THEREFORE, SALE PROCEEDS OF THE SHARES SHOULD BE BROUGHT TO TAX NET IN A.Y 2007 - 08 AND NOT IN A.Y 2001 - 02. TO RECTIFY THE MISTAKE APPARENT FROM THE RECORD, WE DIRECT THE AO TO VERIFY THE ORDER PASSED BY HIM FOR A.Y 2007 - 08 TO ENSURE THAT THERE IS AN AD DITION ON ACCOUNT OF SALE OF SHARES OF TRIPEX OVERSEAS LTD. AND IF HE FINDS THAT THE SALE PROCEEDS OF SHARES OF TRIPEX OVERSEAS LTD. HAD ALREADY BEEN TAXED IN A.Y 2007 - 08, THE SAME SHOULD NOT BE AGAIN ADDED IN A.Y 2001 - 02 UNDER CONSIDERATION. WE DIRECT AC CORDINGLY. 4. IN THE RESULT, THE MISCELLANEOUS APPLICATION FILED BY THE ASSESSEE IS ALLOWED IN PART FOR STATISTICAL PURPOSES. MA NO. 213/MUM/2015 5. AS THE FACTS IN A.Y 2001 - 02 (ITA NO. 7526 /MUM/2013) ARE PARI MATERIA TO THE FACTS IN A.Y 2001 - 02 (ITA NO. 5539 /MUM/201 2 ), FOLLOWING THE SAME REASONING GIVEN HEREINABOVE, WE DIRECT THE AO TO VERIFY THE ASSESSMENT RECORDS FOR A.Y 2007 - 08 AND DECIDE ACCORDINGLY. 6. IN THE RESULT, BOTH THE MISCELLANEOUS APPLICATIONS FILED BY THE ASSESSEE ARE ALLOWED IN PART FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 1 6 T H MARCH, 2016. SD/ - SD/ - ( SANJAY GARG ) JUDICIAL MEMBER (R.C. SHARMA) ACCOUNTANT MEMBER MUMBAI, DATE : 1 6 T H MARCH, 2016 *SSL* 3 SMT. CHERYL J. PATEL MA NOS. 212 & 213/MUM/2015 COPY TO : 1) THE APPLICANT 2) THE RESPONDENT 3) THE CIT(A) CONCERNED 4) THE CIT CONCERNED 5) THE D.R, C BENCH, MUMBAI 6) GUARD FILE BY ORDER DY./ASSTT. REGISTRAR I.T.A.T, MUMBAI