SHRI PARASMAL C. RANKA, V. DCIT 14(1),

MA 71/MUM/2011

• Counselvise Citation: [2012] 123 COUNSELVISE.COM (IT) 8770 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 5 month(s) 23 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 27-07-2012
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2004-2005
• Appeal Filed On: 04-02-2011
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: RAJASHRI DWIVEDY
• Section: 54F; 54

Judgement Text

, , , , , IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES C, MUMBAI .., ! ' ' ' ' .'. ! , #$ !, # % BEFORE SHRI B.R.MITTAL, JM AND SHRI R.S.SYAL, AM && # ' ./ MA NO.71/MUM/2011 ( # )*+ , / ARISING OUT OF ITA NO.2595/MUM/2009) ( ' - ' - ' - ' - / / / / ASSESSMENT YEAR : 2004-2005) SHRI PARASMAL C.RANKA PROP. M/S.PARAS CHAINA KAPADIA BUILDING NO.2, 2 ND FLOOR 191 ZAVERI BAZAAR, MUMBAI 400 002. PAN : AAAPR6900N. THE DY.COMMISSIONER OF INCOME-TAX CIRCLE 14(1) MUMBAI. ( # / // / APPLICANT) ' ' ' ' / VS. ( ./01/ RESPONDENT) # 2 22 2 3 # 3 # 3 # 3 # / APPLICANT BY : SHRI VIMAL PUNMIYA ./01 2 3 # 2 3 # 2 3 # 2 3 # / RESPONDENT BY : SHRI RAJASHRI DWIVEDY ' 2 +$ / / / / DATE OF HEARING : 27.07.2012 45- 2 +$ / DATE OF PRONOUNCEMENT : 27.07.2012 #6 #6 #6 #6 / / / / O R D E R PER R.S.SYAL, AM : THIS MISCELLANEOUS APPLICATION U/S.254(2) OF THE IN COME-TAX ACT, 1961 HAS BEEN MOVED BY THE ASSESSEE PRAYING FO R THE RECTIFICATION OF THE ORDER OF THE TRIBUNAL DATED 10 TH DECEMBER, 2010 IN ITA NO.2595/MUM/2009. 2. THE LEARNED COUNSEL FOR THE ASSESSEE CONTENDED T HAT THE TRIBUNAL WAS WRONG IN HOLDING THAT THE CLAIM OF EXE MPTION U/SS 54 / 54F WAS NOT AVAILABLE TO THE ASSESSEE IN RESPECT OF PURCHASE OF FURTHER MA NO.71/MUM/2011 SHRI PARASMAL C.RANKA. 2 ADDITIONAL 26% OF INTEREST IN TWO FLATS. THE LEARNE D COUNSEL SUBMITTED THAT THE ASSESSEE HAD RELIED ON CERTAIN D ECISIONS WHICH HAVE BEEN SET OUT BY THE TRIBUNAL IN PARA 4 OF THE IMPUG NED ORDER, BUT WERE NOT PROPERLY CONSIDERED AND APPLIED TO THE FAC TS OF THE INSTANT CASE. IT WAS, THEREFORE, SUBMITTED THAT THE IMPUGNE D ORDER BE RECALLED AND ISSUE BE DECIDED IN ASSESSEES FAVOUR. IN THE O PPOSITION, THE LEARNED DEPARTMENTAL REPRESENTATIVE RELIED ON THE I MPUGNED ORDER. 3. WE HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSED T HE RELEVANT MATERIAL ON RECORD. IT IS OBSERVED THAT THE INSTANT PROCEEDINGS ARE U/S 254(2). THE SCOPE OF THESE PROCEEDINGS IS CONFINED TO RECTIFYING ANY MISTAKE WHICH IS APPARENT FROM RECORD. WHERE, AFTER CONSIDERING THE RELEVANT SUBMISSIONS AND JUDICIAL PRECEDENTS, THE T RIBUNAL DECIDES A PARTICULAR ISSUE IN A PARTICULAR MANNER, IT IS NOT OPEN TO THE PARTIES TO REARGUE THE SAME ISSUE IN AN ATTEMPT TO PERSUADE TH E BENCH FROM RECORDING A CONTRARY FINDING UNLESS THE EARLIER VIE W IS NOT FOUND TO BE BASED ON FACTS OR LAW. ADVERTING TO THE FACTS OF TH E INSTANT CASE IT IS OBSERVED THAT THE TRIBUNAL IN PARA 9 OF THE IMPUGNE D ORDER HAS CONSIDERED THE JUDGMENT OF THE HONBLE SUPREME COUR T IN THE CASE OF T.N.ARVINDA REDDY. THEREAFTER IT HAS BEEN RECORDED THAT THE RATIO DECI DENDI OF THIS JUDGMENT AS WELL AS OTHER JUDGMENTS RELIED BY THE ASSESSEE, IS NOT APPLICABLE TO THE FACTS OF THE INS TANT CASE. A DETAILED DISCUSSION HAS BEEN MADE ON THIS ISSUE. AFTER CONSI DERING THE ENTIRE GAMUT OF THE RELEVANT FACTS AND LEGAL POSITION, A C ATEGORICAL FINDING HAS BEEN RECORDED THAT THE ASSESSEE IS NOT ENTITLED TO EXEMPTION U/SS 54 / 54F IN THIS REGARD. IN OUR CONSIDERED OPINION , THERE IS NO MISTAKE MA NO.71/MUM/2011 SHRI PARASMAL C.RANKA. 3 MUCH LESS ANY MISTAKE APPARENT FROM RECORD REQUIRIN G ANY RECTIFICATION. WE ARE, THEREFORE, NOT INCLINED TO D ISTURB THE FINALITY OF THE IMPUGNED ORDER. 4. 7 +8 # 2 && # ' $79 2 9+ :; IN THE RESULT, THE MISCELLANEOUS APPLICATION IS DIS MISSED. ORDER PRONOUNCED ON THIS 27 TH JULY, 2012. . #6 2 45- < '8 5 2 = SD/- SD/- (B.R.MITTAL) (R.S.SYAL) ! ! ! ! / JUDICIAL MEMBER #$ ! #$ ! #$ ! #$ ! / ACCOUNTANT MEMBER MUMBAI ; < ' DATED 27 TH JULY, 2012. DEVDAS* #6 2 .+& >#&-+ #6 2 .+& >#&-+ #6 2 .+& >#&-+ #6 2 .+& >#&-+/ COPY OF THE ORDER FORWARDED TO : 1. # / THE APPLICANT. 2. ./01 / THE RESPONDENT. 3. ? () / THE CIT(A) - XIV, MUMBAI. 4. ? / CIT 5. &B= .+' , , / DR, ITAT, MUMBAI 6. =C D / GUARD FILE. #6' #6' #6' #6' / BY ORDER, /&+ .+ //TRUE COPY// ) ) ) )/ // /: 9 : 9 : 9 : 9 ( DY./ASSTT. REGISTRAR) , , , , / ITAT, MUMBAI