DCIT CEN CIR 4 (3 ) CR. 4, MUMBAI V. VELVET HOLDINGS P.LTD, MUMBAI

MA 228/MUM/2019

• Counselvise Citation: [2019] 111 COUNSELVISE.COM (IT) 4838 (ITAT-MUMBAI)
• Duration Of Justice: 2 month(s) 16 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 14-06-2019
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: F
• Assessment Year: 2011-2012
• Appeal Filed On: 29-03-2019
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: RAJEEV GUBGOTRA

Judgement Text

IN THE INCOME-TAX APPELLATE TRIBUNAL F BENCH MUMB AI BEFORE SHRI G.S. PANNU, VICE- PRESIDENT AND SHRI PAWAN SINGH, JUDICIAL MEMBER M.A. NO. 228/MUM/2019 IN ITA NO. 1216/MUM/2017 (A.Y 2011-12 ) DCIT CEN CIR- 4(3) CR.4, R.NO. 413, AAYAKAR BHAVAN, M.K. ROAD, MUMBAI - 400020 . VS. VELVET HOLDINGS P. LTD. 32, MADHULI, DR A.B. ROAD, WORLI, MUMBAI-400018. PAN: AAACV4445R APPELLANT RESPONDENT APPELLANT BY : SHRI RAJEEV GUBGOTRA (DR) RESPONDENT BY : SHRI DHARMESH SHAH (AR) DATE OF HEARING : 14.06.2019 DATE OF PRONOUNCEMENT : 14.06.2019 ORDER UNDER SECTION 254(2)OF INCOME TAX ACT PER PAWAN SINGH, J.M. 1. THIS MISCELLANEOUS APPLICATION (MA) IS FILED BY THE REVENUE FOR RECALLING THE ORDER DATED 15.10.2018 PASSED IN ITA NO. 1216/MUM/2 017 FOR ASSESSMENT YEAR (AY) 2011-12. IN THE APPLICATION, THE APPLICAN T/REVENUE HAS PRAYED FOR RECALLING THE ORDER QUA GROUND NO.2 ON THE GROUND T HAT THE ASSESSEE MISREPRESENTED THE FACT AND WRONGLY CLAIMED THAT LD . CIT(A) HAS NOT GRANTED RELIEF ON INTEREST EXPENDITURE AMOUNTING TO RS. 1,1 5,20,783/-. IN FACT, THE ASSESSEE HAS ITSELF DISALLOWED THE INTEREST AMOUNTI NG TO RS. 1,05,08,933/- IN THE COMPUTATION OF INCOME AND ADDED BACK TO THE TOT AL INCOME. THE LD. DR FOR THE REVENUE MADE HIS SUBMISSION ON THE SIMILAR LINES. 2. ON THE OTHER HAND, LD. AR OF THE ASSESSEE SUBMITS T HAT ASSESSEE HAS RAISED/FILED REVISED GROUND OF APPEAL VIDE APPLICAT ION DATED 08.10.2018. THE REVISED GROUNDS OF APPEAL ARE PART OF THE RECORD OF THE TRIBUNAL. THE TRIBUNAL M .A. NO. 228 MUM 2019-VELVET HOLDINGS P. LTD. 2 RESTORED THE GROUND/REVISED GROUND NO. 2 TO THE FIL E OF ASSESSING OFFICER FOR VERIFICATION OF FACT AND FOR ALLOWING APPROPRIATE R ELIEF AS PER THE DIRECTION OF TRIBUNAL IN ASSESSEES GROUP CASE IN SUDHIR MEHTAS CASE IN ITA NO. 5799/MUM/2015 DATED 27.12.2017. THERE IS NO MISTAKE IN THE ORDER PASSED BY THIS TRIBUNAL WHICH MAY REQUIRE RECTIFICATION OR RE CALLING THE ORDER. THE ALLEGATIONS OF MISREPRESENTATION OF FACTS ARE NOT V ALID IN VIEW OF THE FACT THAT THE ASSESSEE HAS FILED REVISED GROUND OF APPEAL BEF ORE THE TRIBUNAL AND THE TRIBUNAL AFTER CONSIDERING THE REVISED GROUNDS OF A PPEAL RESTORED THE ISSUE/GROUND NO.2 TO THE FILE OF ASSESSING OFFICER. 3. WE HAVE CONSIDERED THE SUBMISSION OF THE PARTIES A ND HAVE CONSIDERED THE CONTENTS OF MISCELLANEOUS APPLICATION FILED BY ASSE SSING OFFICER/REVENUE. CONSIDERING THE FACT THAT THE ASSESSEE HAS RAISED R EVISED GROUND OF APPEAL VIDE APPLICATION DATED 08.10.2018 AND REVISED THE GROUND NO.2, WHEREIN THE ASSESSEE SPECIFICALLY PLEADED THAT LD. CIT(A) ERRED IN LAW AND IN FACTS IN NOT GRANTING RELIEF OF LIABILITY AMOUNTING TO RS. 1,15, 20,783/-, TOWARDS INTEREST EXPENDITURE CLAIMED BY THE ASSESSEE. THEREFORE, WE FIND THAT THERE IS NO MISREPRESENTATION OF FACT AS ALLEGED IN THE MISCELL ANEOUS APPLICATION. MOREOVER, WE HAVE RESTORED THE CORRESPONDING GROUND S OF APPEAL TO THE FILE OF ASSESSING OFFICER TO DECIDE IT AFRESH, BY FOLLOWING THE DECISION OF TRIBUNAL IN ASSESSEES GROUP CASE IN SUDHIR MEHTA VS. DCIT ITA NO. 5799/MUM/2015 DATED 27.12.2017. TO MAKE IT MORE CLEAR WE DIRECT T HE ASSESSING OFFICER TO CONSIDER THE REVISED GROUND OF APPEAL AND PASS THE ORDER AFRESH, ON REVISED M .A. NO. 228 MUM 2019-VELVET HOLDINGS P. LTD. 3 GROUND OF APPEAL BY FOLLOWING THE DECISION OF TRIBU NAL IN SUDHIR MEHTAS CASE (SUPRA) AND IN ACCORDANCE WITH LAW. 4. IN THE RESULT, MA FILED BY THE REVENUE IS DISPOSED OFF. ORDER PRONOUNCED IN THE OPEN COURT ON 14.06.2019. SD/- SD/- G.S. PANNU PAWAN SINGH VICE-PRESIDENT JUDICIAL MEMBER MUMBAI, DATE: 14.06.2019 SK COPY OF THE ORDER FORWARDED TO : 1. ASSESSEE 2. RESPONDENT 3. THE CONCERNED CIT(A) 4. THE CONCERNED CIT 5. DR F BENCH, ITAT, MUMBAI 6. GUARD FILE BY ORDER, DY./ASST. REGISTRAR ITAT, MUMBAI