M/s J.K.Tyre & Industries Ltd., Kolkata V. A.C.I.T CC - VI,kolkata, Kolkata

MA 47/KOL/2013

• Counselvise Citation: [2014] 124 COUNSELVISE.COM (IT) 1496 (ITAT-KOLKATA)
• Duration Of Justice: 5 month(s) 24 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 17-01-2014
• Appeal Filed By: Assessee
• Bench Allotted: B
• Assessment Year: 2003-2004
• Appeal Filed On: 24-07-2013
• Court: TRIBUNAL
• Keywords: Rectification of order
• Section: 143(3)

Judgement Text

, B , IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH: KOL KATA () BEFORE , /AND . . . . ' '' ''# '#'# '#, $% ) [BEFORE SHRI MAHAVIR SINGH, JM & SHRI ABRAHAM P. GEORGE, AM] $& $& $& $& ' ' ' ' /M. A. NO. 47/KOL/2013 IN ' ' ' ' /IN I.T.A NO. 2012/KOL/2009 &( )* &( )* &( )* &( )*/ // / ASSESSMENT YEAR: 2003-04 M/S. J. K. TYRE & INDUSTRIES LTD. VS. ASSISTANT C OMMISSIONER OF INCOME-TAX, (PAN:AAACJ6716F) CENTRAL CIRCLE-VI, KOLKATA. ( $ /APPLICANT ) (,-.// RESPONDENT ) DATE OF HEARING: 17.01.2014 DATE OF PRONOUNCEMENT: 17.01.2014 $ 0 1 $ /FOR THE APPLICANT: SHRI D. S. DAMLE ,-./ 0 1 $ /FOR THE RESPONDENT: SHRI A. S. MONDAL, ACIT, SR. D R $2 / ORDER PER MAHAVIR SINGH, JM/ , : THROUGH THIS MISC. APPLICATION ASSESSEE/APPLICANT H AS REQUESTED FOR RECTIFICATION OF MISTAKE APPARENT FROM RECORD IN THE ORDER OF THE TR IBUNAL DATED 31.05.2012. 2. THE LD. COUNSEL FOR THE ASSESSEE BEFORE US STATE D THAT A MISTAKE HAS CREPT IN THE ORDER OF THE TRIBNAL IN PARA 6 AT PAGE 6. ACCORDING TO HIM, APART FROM RECORDING A SPECIFIC FINDING AGAINST ENHANCEMENT OF CAPITAL GAINS FROM RS.30 CR. TO RS.37,16,80,000/-, THE TRIBUNAL HAS TO FURTHER CLARIFY THAT THE AO SHOULD ASSESS THE LOSS ON TRANSFER OF SHARES OF 10 BODIES CORPORATE AT RS.503,64,38,000/- AS WAS ASSESSED BY THE AO U/S. 1 43(3) OF THE ACT AND THEREBY LOSS UNDER THE HEAD LONG TERM CAPITAL GAINS IS TO BE ASSESSED FOR AY 2003-04 AT RS.465,52,27,584/-. 3. WE FIND THAT THE TRIBUNAL IN THE LAST LINE AT PA RA 6 PAGE 6 RECORDED THE FINDING AS UNDER: IN THE CIRCUMSTANCES, THE AO COULD NOT BY INVOKING SEC. 154, ENHANCE THE CAPITAL GAINS FROM RS.30 CRORES TO RS.37,16,80,000/-. INSTEAD OF THE ABOVE, THE SAME SHOULD BE READ AS UN DER: THAT THE AO SHOULD ASSESS THE LOSS ON TRANSFER OF SHARES OF 10 BODIES CORPORATE AT RS.503,64,38,000/- AS WAS ASSESSED IN THE ASSESSMEN T ORDER PASSED BY AO U/S. 143(3) OF THE ACT AND, THEREFORE, LOSS UNDER THE LONG TERM CA PITAL GAINS IS TO BE ASSESSED AT RS.465,52,27,584/- FOR AY 2003-04. 4. IN THE RESULT, THE ASSESSEES MISC. APPLICATION STANDS ALLOWED. 5. ORDER IS PRONOUNCED IN THE OPEN COURT . SD/- SD/- . . . . ' '' ''# '#'# '# , $% , (ABRAHAM P. GEORGE) (MAHAVIR SINGH) ACCOUNTANT MEMBER JUDICIAL MEMBER ( 3% 3% 3% 3%) )) ) DATED : 17 TH JANUARY, 2014 2 MA NO. 47/K/2013 J. K. TYRE & IND. LTD. A. Y 2003-04 45 &6' 7 JD.(SR.P.S.) $2 0 , 8$ )9- COPY OF THE ORDER FORWARDED TO: 1 . $ /APPLICANT M/S. J. K. TYRE & INDUSTRIES LTD., 7, COUNCIL HOUSE STREET, KOLKATA-700 001. 2 ,-./ / RESPONDENT ACIT, CENTRAL CIRCLE-VI, KOLKATA. 3 . 2& ( )/ THE CIT(A) , KOLKATA 4. 2& CIT, KOLKATA 5 . ?@ ,& / DR, KOLKATA BENCHES, KOLKATA - ,/ TRUE COPY, $2&A/ BY ORDER, ' /ASSTT. REGISTRAR .