Vijaysingh J Jadhavrao, Pune V. Income-tax Officer, Ward - 2(5), Pune

MA 341/PUN/2022

AI Insights

The case involves Shri Vijaysingh Jaysingh Jadhavrao, the applicant, who filed a miscellaneous application under section 254(2) of the Income Tax Act, 1961, against the Income Tax Officer, Ward-2(5), Pune. The application sought to recall or rectify the tribunal's earlier order which dismissed the main appeal concerning the assessment year 2012-2013. The primary contention was that the tribunal's order did not consider an additional ground regarding the re-computation of capital gains, as the land in question was acquired through 'Inam'. The tribunal, however, found that this issue was already addressed in the context of a deduction under section 80IB for residential projects on the same land, and thus, there was no apparent mistake in the original order.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 137042 (ITAT-PUNE)
• Duration Of Justice: 8 month(s) 13 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 15-06-2023
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 15-06-2023
• Assessment Year: 2012-2013
• Appeal Filed On: 02-10-2022
• Other Referred Cases: ACIT vs. Saurashtra Kutch Stock Exchange Ltd., [2008] 305 ITR 227 (SC), CIT vs. Reliance Telecom Ltd., [2021] 133 taxmann.com 41 (SC)
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: HARI KRISHAN
• Keywords: Capital Gains
• Section: 254(2)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A” : PUNE BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND DR. DIPAK P. RIPOTE, ACCOUNTANT MEMBER M.A.No.341/PUN./2022 Arising out of I.T.A.No.2245/PUN./2017 - Assessment Year 2012-2013 Shri Vijaysingh Jaysingh Jadhavrao, Shivajinagar, Jangali Maharaj Road, Pune – 411 005 PAN AAQPJ3021L vs. The ITO, Ward – 2 (5), PMT Building, Swargate, Pune – 411 037. (Applicant) (Respondent) For Assessee : Shri Hari Krishan For Revenue : Shri M.G. Jasnani Date of Hearing : 16.06.2023 Date of Pronouncement : 16.06.2023 ORDER PER SATBEER SINGH GODARA, J.M. : This assessee’s miscellaneous application M.A.No.341/PUN./2022 filed u/s. 254(2) of the Income Tax Act, 1961 (in short "the Act") seeks to recall/rectify the tribunal’s order dated 06.05.2022 dismissing his main appeal I.T.A.No.2245/PUN./2017. Heard both the parties. Case file perused. 2. Learned counsel vehemently submitted during the course of hearing that our impugned order has failed to consider the assessee’s additional ground claiming re- 2 MA.No.341/PUN./2022 computation of capital gains in light of the clinching fact that his predecessor in interest had acquired the land in question by “Inam”. We find no merit in the assessee’s instant sole argument raised during the course of hearing once we have held in our impugned order in para-5 that he had claimed sec.80IB deduction qua residential projects raised in the very lands. We thus see no apparent mistake in our impugned order in light of hon’ble apex court’s landmark decision in the case of ACIT vs. Saurashtra Kutch Stock Exchange Ltd., [2008] 305 ITR 227 (SC); CIT vs. Reliance Telecom Ltd., [2021] 133 taxmann.com 41 (SC) and conclude that our impugned order does not suffer from any mistake even much less an apparent one so as to invoke sec.254(2) rectification jurisdiction. Rejected accordingly. 3. This assessee’s miscellaneous application is dismissed in above terms. Order pronounced in the open Court on 16.06.2023. Sd/- Sd/- [DR. DIPAK P. RIPOTE] [SATBEER SINGH GODARA] ACCOUNTANT MEMBER JUDICIAL MEMBER Pune, Dated 16 th June, 2023 VBP/- 3 MA.No.341/PUN./2022 Copy to 1. The applicant 2. The respondent 3. The CIT(A)-3, Pune. 4. The Pr. CIT-2, Thane 5. D.R. ITAT, Pune “A” Bench, Pune 6. Guard File. //By Order// Assistant Registrar, ITAT, Pune Benches, Pune.