ACIT, Trichur V. K.F.Jose, Trichur

MA 51/COCH/2010

• Counselvise Citation: [2010] 123 COUNSELVISE.COM (IT) 5240 (ITAT-COCHIN)
• Duration Of Justice: 2 month(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 22-11-2010
• Appeal Filed By: Department
• Bench Allotted: DB
• Assessment Year: 2005-2006
• Appeal Filed On: 21-09-2010
• Court: TRIBUNAL

Judgement Text

IN THE INCOME TAX APPELLAT E TRIBUNAL COCHIN BEN CH, COCHIN BEFORE S/SHRI N.VIJAYAKUMARAN, JM AND SANJAY AR ORA, AM M.P. NO. 51/COCH/2010 (ASG. OUT OF W.T.A. NO. 40/COCH/2008 ASSESSMENT YEAR : 2005-06 THE ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE-2(1), RANGE- 2, TRICHUR. VS. SHRI K.F.JOSE, PROP. FASHION FABRICS, M.O. ROAD, THRISSUR. [PAN: ACIPJ 9072H] (REVENUE-APPLICANT) (ASSESSEE -RESPONDENT) OR D E R PER SANJAY ARORA, AM: THIS IS AN MISCELLANEOUS PETITION BY THE REVENUE U /S. 35(1)(E) OF THE WEALTH TAX ACT, 1957 (`THE ACT HEREINAFTER) DIRECTED AGAINST THE O RDER DATED 30.3.2010 BY THE TRIBUNAL DISMISSING THE REVENUES APPEAL IN THE CASE OF THE ASSESSEE-RESPONDENT FOR THE ASSESSMENT YEAR (A.Y.) 2005-06. 2. THE ONLY ISSUE ARISING IN THE SAID APPEAL, WHICH STANDS ADJUDICATED BY THE TRIBUNAL, WAS IN RESPECT OF THE ASSESSMENT OF THE CASH-IN-HAN D IN EXCESS OF ` 50,000/- HELD BY THE ASSESSEE, AN INDIVIDUAL, AS ON THE VALUATION DATE, AND WHICH IT HELD AS BEING NOT AN `ASSET SO AS TO BE LIABLE TO WEALTH-TAX. THE REVENUE HAS NOW FILED A M.A., BRINGING ON RECORD A DECISION BY THE HONBLE JURISDICTIONAL HIGH COURT, WHICH, VIDE ITS JUDGMENT DATED 24.7.2009 (COPY ON RECORD), DECIDING A BUNCH OF APPEALS, HAS HELD OTHERWISE, SO THAT THE IMPUGNED ORDER BY THE TRIBUNAL BEARS A MISTAKE APPARENT FROM RECORD, PRAYING FOR ITS RECALL. 3. WE HAVE HEARD THE PARTIES, AND PERUSED THE MATER IAL ON RECORD. IT IS NOT IN DISPUTE THAT THE ONLY ISSUE ARISING IN APPEAL AND DECIDED BY THE TRIBUNAL VIDE THE IMPUGNED ORDER IS AS AFORE-STATED AND, FURTHER, STANDS REVERSED BY THE D ECISION BY THE HONBLE JURISDICTIONAL HIGH COURT VIDE ITS JUDGMENT DATED 24.7.2009, HOLDING IN CLEAR TERMS THAT THE CASH HELD IN EXCESS OF ` 50,000/- BY AN INDIVIDUAL FORMED PART OF AN ASSET U /S. 2(EA)(VI) OF THE ACT. THE TRIBUNALS REVENUE BY SHRI T.J.VINCENT, DR ASSESSEE BY SHRI C.PANKAJAKSHAN, CA M.P..NO.51/COCH./2010 2 ORDER THUS BEARS A RECTIFIABLE MISTAKE, EVEN AS HEL D BY THE HONBLE APEX COURT IN THE CASE OF CIT V. SAURASHTRA KUTCH STOCK EXCHANGE LTD . (2008) 305 ITR 227 (SC). 4. IN VIEW OF THE FOREGOING, WE HAVE NO HESITATION IN, ACCEPTING THE REVENUES MISCELLANEOUS APPLICATION, RECALLING THE IMPUGNED O RDER. WE DECIDE ACCORDINGLY 5. IN THE RESULT, THE REVENUES MISCELLANEOUS PETIT ION IS ALLOWED. SD/- SD/- (N.VIJAYAKUMARAN) (SANJAY ARORA) JUDICIAL MEMBER ACCOUNTANT MEMBER PLACE: ERNAKULAM DATED: 22ND NOVEMBER, 2010 GJ COPY TO: 1. SHRI K.F.JOSE, PROP. FASHION FABRICS, M.O. ROAD, THRISSUR. 2. THE ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE -2(1), RANGE-2, TRICHUR. 3. THE COMMISSIONER OF INCOME-TAX (APPEALS)-V, KOCH I. 4. THE COMMISSIONER OF INCOME-TAX, TRICHUR.. 5. D.R., I.T.A.T., COCHIN BENCH, COCHIN. 6. GUARD FILE. BY ORDER (ASSISTANT REGISTRAR)