MCPI Private Limited (formerly known as materials Chemicals and Performance Intermediaries Privaate Limited/ MCC PTA India Corporation Pvt. Ltd., Kolkata V. ACIT, Cir.-11(2), Kol, Kolkata

MA 34/KOL/2021

• Counselvise Citation: [2022] 104 COUNSELVISE.COM (IT) 5199 (ITAT-KOLKATA)
• Duration Of Justice: 1 month(s) 11 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 10-02-2022
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2004-2005
• Appeal Filed On: 30-12-2021
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Rectification of order

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘C’ BENCH, KOLKATA (BEFORE SRI SANJAY GARG, JUDICIAL MEMBER & SRI RAJESH KUMAR, ACCOUNTANT MEMBER) M.A. No. 34/Kol/2021 Arising Out of I.T.A. No. 324/Kol/2017 Assessment Year: 2004-05 M/s. MCPI Private Limited...............................................................................................Appellant (Formerly, MCC PTA India Corporation Pvt. Ltd.) [PAN: AAACM 9169 K] Vs. ACIT, Circle-11, Kolkata................................................................................................Respondent Appearances by: Sh. Nageswar Rao, Adv., appeared on behalf of the Assessee. Smt. Ranu Biswas, Addl. CIT, Sr. D/R, appeared on behalf of the Revenue. Date of concluding the hearing : February 11 th , 2022 Date of pronouncing the order : February 11 th , 2022 ORDER Per Sanjay Garg, Judicial Member: The present application has been moved by the assessee stating that an error apparent on record has occurred in the order dated 26 th March, 2021 passed in ITA No. 324/Kol/2017. The ld. Counsel for the assessee has invited our attention to relevant para nos. 8.1 & 8.2 of the Miscellaneous Application to submit that the Tribunal, while adjudicating the appeal of the assessee, has made certain observations regarding the ongoing negotiations for the recovery of the amount which was claimed by the assessee as not recoverable and accordingly claimed loss in that respect in the return of income. The ld. Counsel for the assessee has referred to certain case laws also in this respect. The ld. Counsel has, further, invited our attention to para no. 8.4 of the application to submit that a disallowance in this respect was made in the impugned assessment year, however, the assessee received the amount in question in the subsequent AY 2006-07 which was offered to tax. As the assessee has already been contesting the validity of disallowance made in the impugned AY 2004-05, therefore, the assessee as per his stand taken before the Tribunal, had offered for taxation the amount in the year of receipt. 2 M.A. No. 34/Kol/2021 Arising Out of I.T.A. No. 324/Kol/2017 Assessment Year: 2004-05 MCPI Private Limited. 2. Now, the contention of the ld. Counsel for the assessee is that this order of the Tribunal may be recalled on this issue and that since the amount has already been taxed in subsequent year, the finding given by the Tribunal for disallowance for the aforesaid amount in one year under consideration may be reversed. 3. The ld. D/R on the other hand has vehemently submitted that there is no error apparent on record in the order of the Tribunal, therefore, the application of the assessee be dismissed. 4. We have considered rival submissions and gone through the record. We agree with the contention of the ld. D/R that the pleadings made by the ld. Counsel for the assessee does not constitute an error apparent on record. The Tribunal, as per its wisdom, has given a categorical finding of fact and law which cannot be disturbed in this rectification application as the jurisdiction of the Tribunal is limited to entertain only the pleas relating to any error apparent on record. However, as the ld. Counsel for the assessee has pointed out that the assessee had to subsequently offer the same amount for taxation in AY 2006-07, as the assessee was already disputing the taxation of the amount in the assessment year under consideration, hence, it is observed that the assessee may move an application to the Assessing Officer, for rectification of order for AY 2006-07, bringing this fact to his knowledge and thereafter the Assessing Officer will consider the aforesaid plea of the assessee and pass rectification order if so deemed fit by him or the assessee may pursue his legal remedy as may be available to him in this respect. Subject to the above observations, the present Miscellaneous Application of the assessee is dismissed. 5. In the result, the Miscellaneous Application filed by the assessee is dismissed. Order is pronounced in the open court on 11.02.2022. Sd/- Sd/- [Rajesh Kumar] [Sanjay Garg] Accountant Member Judicial Member Dated: 11.02.2022 Bidhan (P.S.) 3 M.A. No. 34/Kol/2021 Arising Out of I.T.A. No. 324/Kol/2017 Assessment Year: 2004-05 MCPI Private Limited. Copy of the order forwarded to: 1. M/s. MCPI Private Limited, (Formerly, MCC PTA India Corporation Pvt. Ltd.), 22, Camac Street, Block-C, (4th Floor), Kolkata-700 069. 2. ACIT, Circle-11, Kolkata. 3. CIT(A)-22, Kolkata. 4. CIT- 5. CIT(DR), Kolkata Benches, Kolkata. True copy By order Assistant Registrar ITAT, Kolkata Benches, Kolkata