MANIAR INJECTOPLAST P.LTD, MUMBAI V. ITO 9(2)(3), MUMBAI

MA 594/MUM/2018

• Counselvise Citation: [2019] 118 COUNSELVISE.COM (IT) 2667 (ITAT-MUMBAI)
• Duration Of Justice: 5 month(s) 13 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 08-03-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2010-2011
• Appeal Filed On: 25-09-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: JOTILAKSHMI NAYAK
• Section: 115JB

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL 'B' BENCH, MUMBAI BEFORE SHRI MAHAVIR SINGH, JUDICIAL MEMBER AND SHRI RAJESH KUMAR, ACCOUNTANT MEMBER MA NO. 594/MUM/2018 (ARISING OUT OF ITA NO. 406/MUM/2015) (ASSESSMENT YEAR: 2010-11) M/S. MINAR INJECTOPLAST P. LTD. 187/62, TIRTHANKAR ESTATE GOGATE WADI, OFF AAREY ROAD GOREGAON (E) VS. INCOME TAX OFFICER WARD 9(2)(3) MUMBAI PAN AABCM6100H APPELLANT RESPONDENT APPELLANT BY: SHRI K. GOPAL RESPONDENT BY: MS. JOTILAKSHMI NAYAK DATE OF HEARING: 01.01.2019 DATE OF PRONOUNCEMENT: 08.03.2019 O R D E R PER MAHAVIR SINGH, JM BY WAY OF THIS MISCELLANEOUS APPLICATION THE ASSESS EE POINTED OUT THAT THE TRIBUNAL HAS COMMITTED AN ERROR IN PAR 21 OF THE ORDER BY STATING THAT THE ASSESSEE HAS NOT PRESSED THIS GROUND. 2. THE COUNSEL FOR THE ASSESSEE STATED THAT THE ASSESS EE HAS RAISED GROUND NO. 11 FOR RECOMPUTATION OF BOOK PROFIT UNDE R SECTION 115JB OF THE I.T. ACT AFTER INCLUDING THE INCOME FROM SALE O F PROPERTY AS UNJUSTIFIED BY THE AO. THE LEARNED COUNSEL FOR THE ASSESSEE DRE W OUR ATTENTION TO THE FOLLOWING GROUND NO. 11 OF THE APPEAL WHICH READS A S UNDER: - 11. RE-COMPUTATION OF BOOK PROFIT UNDER SECTION 11 5JB AFTER INCLUDING THE INCOME FROM SALE OF PROPERTY UNJUSTIF IED RS.79,37,299/- THE LD. CIT(A) ERRED IN CONFIRMING THE ACTION OF LD . AO IN DETERMINING THE BOOK PROFIT AT RS.79,376,299/- UNDER SECTION 11 5JB OF THE ACT AFTER CONSIDERING THE CAPITAL GAIN ON SALE OF PROPE RTY AMOUNTING TO RS.1,43,04,691/- AND IMMOVABLE PROPERTY OF RS.85,00 ,000/-. THE ITA NO. 594/MUM/2018 M/S. MINAR INJECTOPLAST P. LTD. 2 APPELLANT PRAYS THAT THE ADDITION MADE TO THE BOOK PROFIT UNDER SECTION 115JB OF THE ACT IS UNJUSTIFIED AND THE SAM E MAY BE DELETED. 3. WE FIND THAT THIS GROUND HAS NOT BEEN ADJUDICATED AND THIS WAS CONFRONTED TO THE LEARNED SENIOR D.R. HE ALSO AGREE D. AS GROUND NO. 11 HAS NOT BEEN ADJUDICATED WE RECALL THE ORDER OF THE TRIBUNAL QUA THIS GROUND ONLY AND DIRECT THE REGISTRY TO FIX THE APPE AL FOR ADJUDICATION OF GROUND 11 ONLY. 4. IN THE RESULT, THE MISCELLANEOUS APPLICATION FILED BY THE ASSESSEE IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 8 TH MARCH, 2019. SD/ - SD/ - (RAJESH KUMAR) (MAHAVIR SINGH) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, DATED: 8 TH MARCH, 2019 COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT(A) -20, MUMBAI 4. THE PR.CIT - 9, MUMBAI 5. THE DR, B BENCH, ITAT, MUMBAI BY ORDER //TRUE COPY// ASSISTANT REGISTRAR ITAT, MUMBAI BENCHES, MUMBAI N.P.