Sidharth Ratanlal Bafna, Jalgaon V. Assistant Commissioner of Income-tax, Central Circle -2, , Nashik

MA 25/PUN/2023

AI Insights

The case involves Sidharth Ratanlal Bafna, the appellant, who filed a Miscellaneous Application seeking recall of an earlier Tribunal order concerning the assessment year 2011-12. The original order dealt with issues arising from transactions involving penny stocks of M/s. S.V. Electricals Ltd., which were part of search and seizure actions. The appellant argued that the Tribunal's decision was erroneous as it was based on incriminating material that was not actually uncovered. However, the Tribunal had already addressed this issue in their previous order, stating that the appellant failed to demonstrate the absence of such material. The Tribunal dismissed the current application, emphasizing that decisions made on merits cannot be revisited under the pretext of rectification.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 137079 (ITAT-PUNE)
• Duration Of Justice: 5 month(s) 13 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 30-07-2023
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 20-07-2023
• Assessment Year: 2011-2012
• Appeal Filed On: 15-02-2023
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Revenue
• Court: TRIBUNAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE BEFORE SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER AND SHRI S. S. VISWANETHRA RAVI, JUDICIAL MEMBER M.A. No.25/PUN/2023 (Arising out of ITA No.1183/PUN/2018) िनधाᭅरण वषᭅ / Assessment Year : 2011-12 Sidharth Ratanlal Bafna, 96, Nayantara, Subhash Chowk, Jalgaon- 425001. PAN : ALGPB5972R Vs. ACIT, Central Circle-2, Nashik. Appellant Respondent आदेश / ORDER PER INTURI RAMA RAO, AM: This present Miscellaneous Application is filed by the assessee seeking recall of the order passed by this Tribunal in ITA No.1183/PUN/2018 for the assessment year 2011-12 dated 23.08.2022 on the ground that the order passed by this Tribunal is erroneous, inasmuch as, there was no incriminating material unearthed as result of search and seizure actions disclosing the Assessee by : Adjournment Application (Rejected) Revenue by : Shri Suhas Kulkarni Date of hearing : 21.07.2023 Date of pronouncement : 31.07.2023 MA No.25/PUN/2023 2 nature of the gains arising on sale of penny stock script of M/s. S.V. Electricals Ltd. 2. When the matter was called on, none appeared on behalf of the assessee, therefore, we proceed to dispose of this Miscellaneous Petition after hearing the ld. Sr. DR. 3. We find that the present Miscellaneous Petition is nothing but an application to review of the order of the Tribunal. The contention of the appellant that there was no incriminating material was dealt by this Tribunal vide para 9 of the impugned order, wherein, it was recorded that the appellant could not demonstrate that no incriminating material is unearthed as result of search and seizure actions relating to the transaction of purchase and sale of penny stock script of M/s. S. V. Electricals Ltd.. Thus, the contention of the appellant was duly considered and a finding was rendered on merits by this Tribunal. Therefore, the order passed by this Tribunal on merits after duly considered the submissions made by the assessee, cannot be reviewed in the guise of rectification u/s 254(2) of the Income Tax Act, 1961. It is settled position of law that the order passed by the Tribunal on merit cannot be reviewed. MA No.25/PUN/2023 3 Therefore, the present Miscellaneous Petition filed by the assessee stands dismissed. 4. In the result, the Miscellaneous Application filed by the assessee stands dismissed. Order pronounced on this 31 st day of July, 2023. Sd/- Sd/- (S. S. VISWANETHRA RAVI) (INTURI RAMA RAO) JUDICIAL MEMBER ACCOUNTANT MEMBER पुणे / Pune; ᳰदनांक / Dated : 31 st July, 2023. Sujeet आदेश कᳱ ᮧितिलिप अᮕेिषत / Copy of the Order forwarded to : 1. अपीलाथᱮ / The Appellant. 2. ᮧ᭜यथᱮ / The Respondent. 3. The Pr. CIT(A) (Central), Nagpur. 4. िवभागीय ᮧितिनिध, आयकर अपीलीय अिधकरण, “A” बᱶच, पुणे / DR, ITAT, “A” Bench, Pune. 5. गाडᭅ फ़ाइल / Guard File. आदेशानुसार / BY ORDER, // True Copy // Senior Private Secretary आयकर अपीलीय अिधकरण, पुणे / ITAT, Pune.