DDEPUTY COMMISSIONER OF INCOME TAX 6 (1) (1), MUMBAI V. AMBIT CORPORATE FINANCE PRIVATE LIMITED , MUMBAI

MA 567/MUM/2018

• Counselvise Citation: [2019] 118 COUNSELVISE.COM (IT) 2662 (ITAT-MUMBAI)
• Duration Of Justice: 6 month(s) 7 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 08-03-2019
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2010-2011
• Appeal Filed On: 31-08-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DR MANJUNATH K
• Keywords: Earning of tax free income

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL 'A' BENCH, MUMBAI BEFORE SHRI MAHAVIR SINGH, JUDICIAL MEMBER AND SHRI N.K. PRADHAN, ACCOUNTANT MEMBER MA NOS. 567 & 568/MUM/2018 (ARISING OUT OF ITA NO. 1794/MUM/2014 & 1096/MUM/20 18) (ASSESSMENT YEARS: 2010-11 & 2011-12) DCIT, CIRCLE - 6(1)(1) ROOM NO. 522, 5TH FLOOR AAYAKAR BHAVAN, M.K. ROAD MUMBAI 400020 VS. M/S. AMBIT CORPORATE FINANCE P. LTD. AMBIT HOUSE, 1ST FLOOR 449, SENAPATI BAPAT MARG LOWER PAREL, MUMBAI 400013 PAN AAACA8834B APPLICANT RESPONDENT APPLICANT BY: DR. MANJUNATH K RESPONDENT BY: SHRI NITESH JOSHI DATE OF HEARING: 18.01.2019 DATE OF PRONOUNCEMENT: 08.03.2019 O R D E R PER MAHAVIR SINGH, JM BY WAY OF THESE TWO MISCELLANEOUS APPLICATIONS REVE NUE HAS REQUESTED FOR RECTIFICATION IN THE ORDER OF THE TRI BUNAL PASSED IN ITA NO. 1794/MUM/2014 FOR A.Y. 2010-11 AND ITA NO. 1096/MUM /2014 FOR A.Y. 2011-12 ORDER DATED 16.11.2017 STATING THAT THE TRI BUNAL WRONGLY PRESUMED THAT SATISFACTION IS NOT RECORDED BY THE A O. 2. THE LEARNED D.R. STATED THAT THE AO HAS CLEARLY REC ORDED THAT I AM NOT SATISFIED WITH THE GENUINENESS OF THE CLAIM MAD E BY THE ASSESSEE WITH REGARD TO THE EXPENSES RELATED TO EARNING OF EXEMPT INCOME. 3. WE FIND THAT THE TRIBUNAL HAS CATEGORICALLY RECORD ED THAT SATISFACTION IS MISSING IN ALL THE YEARS AND THIS F ACT IS RECORDED IN PARA 13 OF THE ORDER. HENCE, WE ARE OF THE VIEW THAT NOW TH E REVENUE WANTS TO REVISION OF THE ORDER AND NOT RECTIFICATION, WHICH IS NOT PERMISSIBLE UNDER THE PROVISIONS OF SECTION 254(2) OF THE I.T. ACT. ITA NOS. 567 & 568/MUM/2018 M/S. AMBIT CORPORATE FINANCE P. LTD. 2 4. IN THE RESULT, THE MISCELLANEOUS APPLICATIONS FILED BY THE REVENUE ARE DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 8 TH MARCH, 2019. SD/ - SD/ - (N.K. PRADHAN) (MAHAVIR SINGH) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, DATED: 8 TH MARCH, 2019 COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT(A) -5, MUMBAI 4. THE CIT - 3, MUMBAI 5. THE DR, A BENCH, ITAT, MUMBAI BY ORDER //TRUE COPY// ASSISTANT REGISTRAR ITAT, MUMBAI BENCHES, MUMBAI N.P.