POORANMAL D. CHOUDHARY, V. ASST CIT 15(2),

MA 400/MUM/2014

• Counselvise Citation: [2015] 124 COUNSELVISE.COM (IT) 2825 (ITAT-MUMBAI)
• Duration Of Justice: 3 month(s) 16 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 13-02-2015
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2008-2009
• Appeal Filed On: 28-10-2014
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: PAVAN KUMAR BEER LA

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH, MUM BAI . . , . . , BEFORE SHRI H. L. KARWA, PRESIDENT AND SHRI N. K. BILLAIYA, A.M. ./ M.A. NO. 400/MUM/2014 (ARISING OUT OF ITA NO. 4389/MUM/2012) ( / ASSESSMENT YEAR: 2008-09) SHRI POORANMAL D. CHOUDHARY, 201, ARIHANT APARTMENT, DR. BHAADKAMKAR MARG, MUMBAI CENTRAL, MUMBAI-400 008 / VS. THE ACIT-15(2), MUMBAI-400 007 ' ./#$% ./PAN/GIR NO. AAGPP 0357 F ( APP LICANT ) : ( RESPONDENT ) APPLICANT BY : SHRI BHUPENDRA SHAH RESPONDENT BY : SHRI PAVAN KUMAR BEERLA & ' ( )%* / DATE OF HEARING : 13.02.2015 +,-. ( )%* / DATE OF PRONOUNCEMENT : 13.02.2015 / / O R D E R PER N. K. BILLAIYA, AM: THIS MISCELLANEOUS APPLICATION BY THE ASSESSEE IS D IRECTED AGAINST THE ORDER OF THE TRIBUNAL IN ITA NO. 4389/MUM/2012 FOR A.Y. 2008-09. 2. IT IS THE CLAIM OF THE ASSESSEE THAT WHILE DISPO SING OF THE APPEAL, THE DIRECTIONS GIVEN BY THE TRIBUNAL ARE ERRONEOUS AND NEED TO BE RECTIFIED. AS THE DIRECTIONS, IF FOLLOWED BY THE A.O. WOULD AMOUNT TO ENHANCEMENT OF INCOME WHICH IS BEYOND THE POWER OF THE TRIBUNAL. 3. BEFORE US, THE COUNSEL FOR THE ASSESSEE STRONGLY SUBMITTED THAT THE TRIBUNAL HAS ERRED IN GIVING DIRECTIONS WHICH ARE NOT SUPPORTED BY ANY PROVISION OF THE ACT. 2 MA NO. 400/MUM/2014 (A.Y. 2008-09) SHRI POORANMAL D. CHOUDHARY VS. ACIT 4. WE HAVE CAREFULLY PERUSED THE ORDER OF THE TRIBU NAL AND HAVE GIVEN THE THOUGHTFUL CONSIDERATION TO THE CONTENTS OF THE MISCELLANEOUS APPLICATION. 5. BEFORE PROCEEDING FURTHER, LET US FIRST SEE THE DIRECTIONS OF THE TRIBUNAL, WHICH IS AS UNDER: 7. . THE A.O. IS DIRECTED TO VERIFY THE ARTICLES OF ASSOCIATION WHETHER THE ARTICLES OF THE COMPANY M/S . KORA CONSTRUCTION PVT. LTD. ALLOW FREE TRANSFERABILITY ON SHARES. THE A.O. IS ALSO DIRECTED TO VERIFY THE BASIS OF VALUATION OF SHARES ON THE DATE OF SALE AS PROVIDED BY THE ASSESSEE AFTER GIVING A REASONABLE OPPORTUNITY OF B EING HEARD TO THE ASSESSEE. IT WOULD NOT BE OUT OF PLACE TO MENTION THAT DURING THE COURSE OF THE ASSESSMENT PROCEEDINGS ITSELF THE A.O. HAD ASKED THE ASSESSEE TO SUBMIT/FURNISH THE BASIS OF THE VALUATION FOR THE PRICE OF THE SHARES OF THE COMPAN Y. THE TRIBUNAL HAS ONLY DIRECTED THE A.O. TO VERIFY THE BASIS OF THE VALUATION OF SHARES ON THE DATE OF SALE AS PROVIDED BY THE ASSESSEE. IT APPEARS THAT THE ASSESSEE HAS A STRONG APPREHENSION THAT IF THE BASIS OF THE VALUATION IS VERIFIED, THERE WILL BE AN ENHANCEMENT OF INCOME. 6. WE FAIL TO UNDERSTAND HOW AN APPREHENSION OF THE ASSESSEE WOULD MAKE THE ORDER OF THE TRIBUNAL ERRONEOUS AND RECTIFIABLE U/S. 254( 2) OF THE ACT. IN OUR CONSIDERED OPINION, THE DIRECTIONS BY THE TRIBUNAL ARE IN LINE WITH THE FACTS OF THE CASE AND IN ACCORDANCE WITH THE PROVISION OF THE LAW. WE, THERE FORE, DO NOT FIND ANY MERIT IN THIS MISCELLANEOUS APPLICATION OF THE ASSESSEE. WE, ACCO RDINGLY, DISMISS THE MISCELLANEOUS APPLICATION. 7. IN THE RESULT, THE ASSESSEES MISCELLANEOUS APPL ICATION IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON FEBRUARY 13, 2014 SD/- SD/- (H. L. KARWA) (N. K. BILLAIYA) / PRESIDENT / ACCOUNTANT MEMBER & ' MUMBAI; 0 DATED : 13.02.2014 .1../ ROSHANI , SR. PS 3 MA NO. 400/MUM/2014 (A.Y. 2008-09) SHRI POORANMAL D. CHOUDHARY VS. ACIT !' # $%&' (!'% / COPY OF THE ORDER FORWARDED TO : 1. 2'3 / THE APPELLANT 2. 45'3 / THE RESPONDENT 3. % & 6) ( 2 ) / THE CIT(A) 4. % & 6) / CIT - CONCERNED 5. 9: 41)1; , % 2* ;%. , & ' / DR, ITAT, MUMBAI 6. :< =' / GUARD FILE !' / BY ORDER, )/* + (DY./ASSTT. REGISTRAR) , & ' / ITAT, MUMBAI