M/s. Lifestyle International Private Limited, Bangalore V. Deputy Commissioner Of Income Tax, Circle- 4(1)(1), Bangalore

MA 49/BANG/2023

AI Insights

The case revolves around a miscellaneous petition filed by M/s. Lifestyle International Pvt. Ltd. seeking rectification of a typographic error in a previous Tribunal order concerning the assessment year 2013-14. The error was identified in the citation of the legal section applicable for computing capital gains on a slump sale. The Tribunal acknowledged the mistake and corrected the reference to section 50B of the Income Tax Act, which pertains to the valuation of assets in a slump sale, ensuring the legal accuracy of the order.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 115199 (ITAT-BANGALORE)
• Duration Of Justice: 2 month(s) 18 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 18-05-2023
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Next Hearing Date: 18-05-2023
• Assessment Year: 2013-2014
• Appeal Filed On: 01-03-2023
• Laws Referred To: Income Tax Act
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Depreciation; Rectification of order; Capital Gains
• Section: 22

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCHES “A” BENCH: BANGALORE BEFORE SMT BEENA PILLAI, JUDICIAL MEMBER AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER M.P. No. 49/Bang/2023 (in ITA No. 50/Bang/2020) Assessment Year : 2013-14 M/s. Lifestyle International Pvt. Ltd., 77, Town Centre, Building No. 3, West Wing, Off HAL Airport Road, Yamlur, Bengaluru – 560 037. PAN: AAACL2937J Vs. The Deputy Commissioner of Income Tax, Circle – 4(1)(1), Bengaluru. APPELLANT RESPONDENT Assessee by : Shri Ankur Pai, Advocate Revenue by : Shri Sankar Ganesh K, Addl. CIT (DR) Date of Hearing : 19-05-2023 Date of Pronouncement : 19-05-2023 ORDER PER BEENA PILLAI, JUDICIAL MEMBER This miscellaneous petition filed by the assessee seeking rectification of order of the Tribunal in ITA No. 50/Bang/2020 dated 18.11.2022. Page 2 of 3 M.P. No. 49/Bang2023 (in ITA No. 50/Bang/2020) 2. The Ld.AR submitted that there are certain typographic mistakes crept in the Tribunal order dated 18.11.2022. He submitted that para 4.18 at page 22 of the order, the section to be mentioned is 50B whereas it is 55 in the said order. Hence para 4.18 shall be read as under with certain modifications: “4.18 We therefore direct Ld.AO to compute the quantum of capital gains in accordance with law as a slump sale. Ld.AO is directed to decide the cost of undertaking for purpose of computing capital gains that is arisen on transfer of asset as a going concern and is directed to value it as per section 50B of the act. Ld.AO is also directed to decide the depreciation on block of assets and the capital gains has to be computed in accordance with section 45 to 50 & 50B of the Act. Accordingly, we allow this ground raised by assessee. Accordingly, these grounds raised by assessee stands allowed.” 3. The rest of the contents of order dated 18/11/2022 passed by this Tribunal shall remain unchanged. In the result, the M.P. filed by the assessee stands allowed. Order pronounced in the open court on 19 th May, 2023. Sd/- Sd/- (LAXMI PRASAD SAHU) (BEENA PILLAI) Accountant Member Judicial Member Bangalore, Dated, the 19 th May, 2023. /MS / Page 3 of 3 M.P. No. 49/Bang2023 (in ITA No. 50/Bang/2020) Copy to: 1. Appellant 4. CIT(A) 2. Respondent 5. DR, ITAT, Bangalore 3. CIT 6. Guard file By order Assistant Registrar, ITAT, Bangalore