GRANADA INVESTMENTS & FINANCE P .LTD, MUMBAI V. DCIT CIR 6(3), Mumbai

MA 456/MUM/2019

• Counselvise Citation: [2022] 104 COUNSELVISE.COM (IT) 4664 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 8 month(s) 13 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 21-04-2022
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: G
• Assessment Year: 2011-2012
• Appeal Filed On: 08-08-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, ‘G‘ BENCH MUMBAI BEFORE: SHRI MAHAVIR SINGH, VICE PRESIDENT & SHRI M.BALAGANESH, ACCOUNTANT MEMBER MA No.456/Mum/2019 (Arising out of ITA No.1343/Mum/2016) (Asse ssment Year : 2011-12) M/s. Granada Investments & Finance P. Ltd., Formerly known as M/s. Granada Energy Systems Pvt. Ltd., 3 rd Floor, Industry Manor, Near Century Bazar Prabhadevi, Mumbai-400025 Vs. DCIT CIR 6(3) Mumbai PAN/GIR No.AACCM0066F (Appellant) .. (Respondent) Assessee by Shri Dharan Gandhi Revenue by Shri T.S. Khalsa Date of Hearing 05/02/2021 Date of Pronouncement 22/04/2022 आदेश / O R D E R PER M. BALAGANESH (A.M): By virtue of this Miscellaneous Application, assessee is seeking to recall the order passed by this Tribunal on 15/03/2019. 2. We have heard the rival submissions and perused the materials available on record. The ld. AR argued that assessee had sought to reduce the sale consideration due to revised sale price of the share of M/s. WMI Cranes Ltd., as ultimately the assessee received lesser consideration thereon from the funds lying in the escrow account as per the terms of sale agreement. MA Nos. 456/Mum/2019 M/s. Granada Investments & Finance P. Ltd., 2 3. The ld. AR also drew our attention that the case was never heard on merits at the time of original hearing and the matter was decided to be restored back to the file of ld. CIT(A) to adjudicate the issue on merits. However, the Tribunal while deciding the issue had decided the case on merits by dismissing the appeal of the assessee, which constituted mistake apparent on record. The ld. AR also drew our attention to pages 4-18 of the compilation of paper book together with various case laws in support of its contentions before the original appellate proceedings, which were also not considered by this Tribunal while dismissing the appeal of the assessee. All these facts collectively lead to mistakes apparent on record warranting rectification u/s.254(2) of the Act. 4. We have checked our log book and find that no arguments were indeed made by the ld. AR on merits and hence, we find lot of force in the argument advanced by the ld. AR in this regard. We find this is a fit case for recalling of the appellate order dated 15/03/2019 (assessee appeal only). In view of the above, we are inclined to recall the order passed in assessee’s appeal in ITA No.1343/Mum/2016 dated 15/03/2019 for A.Y.2011-12 and allow the Miscellaneous Application of the assessee. The Registry is directed to fix the main appeal for hearing on 31/05/2022. 5. In the result the Miscellaneous Application of the assessee is allowed. Order pronounced on 22/04/2022 by way of proper mentioning in the notice board. Sd/- (MAHAVIR SINGH) Sd/- (M.BALAGANESH) VICE PRESIDENT ACCOUNTANT MEMBER Mumbai; Dated 22/04/2022 MA Nos. 456/Mum/2019 M/s. Granada Investments & Finance P. Ltd., 3 KARUNA, sr.ps Copy of the Order forwarded to : BY ORDER, (Asstt. Registrar) ITAT, Mumbai Date Initial 1. Draft dictated on Directly Typed on PC on 22/04/2022 Sr.PS 2. Draft placed before author Sr.PS 3. Draft proposed & placed before the second member JM/AM 4. Draft discussed/approved by Second Member. JM/AM 5. Approved Draft comes to the Sr.PS/PS Sr.PS/PS 6. Kept for pronouncement on Sr.PS 7. File sent to the Bench Clerk Sr.PS 8. Date on which file goes to the AR 9. Date on which file goes to the Head Clerk. 10. Date of dispatch of Order. 11. Dictation Pad is enclosed 1. The Appellant 2. The Respondent. 3. The CIT(A), Mumbai. 4. CIT 5. DR, ITAT, Mumbai 6. Guard file. //True Copy//