AMORE JEWELS PRIVATE LIMITED , MUMBAI V. DEPUTY COMMISSIONER OF INCOME TAX 9 (1) , MUMBAI

MA 76/MUM/2018

• Counselvise Citation: [2018] 124 COUNSELVISE.COM (IT) 6611 (ITAT-MUMBAI)
• Duration Of Justice: 3 month(s) 2 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 04-05-2018
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2007-2008
• Appeal Filed On: 01-02-2018
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: N HEMALATHA
• Assessee Lawyers: B V JHAVERI

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL 'A' BENCH, MUMBAI BEFORE SHRI JOGINDER SINGH, JUDICIAL MEMBER AND SHRI R.C. SHARMA, ACCOUNTANT MEMBER MA NO. 76/MUM/2018 (ARISING OUT OF ITA NO. 98/MUM/2011) (ASSESSMENT YEAR: 2007-08) M/S. AMORE JEWELS P. LTD. PLOT NO. 3A, BEHIND PATEL ALUMINUM, VILL. DINDOSHI MALAD (E), MUMBAI 400063 VS. DEPUTY COMMISSIONER OF INCOME TAX 9(1) MUMBAI PAN AAECA7184J APPLICANT RESPONDENT APPLICANT BY: SHRI B.V. JHAVERI RESPONDENT BY: MS. N. HEMALATHA DATE OF HEARING: 16.03.2018 DATE OF PRONOUNCEMENT: 04.05.2018 O R D E R PER R.C. SHARMA, AM THIS MISCELLANEOUS APPLICATION IS FILED BY THE ASSE SSEE FOR RECTIFYING THE MISTAKE ALLEGED TO BE INCURRED IN THE ORDER OF THE TRIBUNAL DATED 13.02.2015, ARISING OUT OF ITA NO. 98/MUM/2011. 2. IT WAS ARGUED BY THE LEARNED A.R. THAT ADDITION OF ` 38,75,000/- MADE BY THE AO WAS WRONGLY CONFIRMED BY THE CIT(A) AND THE TRIBUNAL HAS WRONGLY CONFIRMED THE ORDER OF THE CIT(A). IT WAS F URTHER CONTENDED BY THE LEARNED A.R. THAT THE APPLICANT HAD SUBMITTED ALL T HE DETAILS/EVIDENCES CHALLENGING THE FINDINGS OF THE LOWER AUTHORITIES B EFORE THE TRIBUNAL. THE APPLICANT HAD FILED A PAPER BOOK CONTAI NING THE FOLLOWING DETAILS ABOUT THE SHAREHOLDER COMPANIES (I) CONFIRM ATION LETTER; (II) COPY OF BANK STATEMENTS FROM WHICH THE SHARES WERE S UBSCRIBED; (III) COPY OF PAN CARD; (IV) AUDITED BALANCE SHEET AND PROFIT & L OSS ACCOUNT; AND (V) DETAILS OF THE SHAREHOLDER COMPANIES FROM THE WEBSI TE OF THE MINISTRY OF MA NO. 76/MUM/2018 M/S. AMORE JEWELS P. LTD. 2 CORPORATE AFFAIRS SHOWING THAT THE COMPANIES ARE 'A CTIVE' COMPANIES WHICH CLEARLY PROVED THE IDENTITY, GENUINENESS AND CREDIT WORTHINESS OF THE SHAREHOLDERS. HENCE, THE LEARNED A.R. SUBMITTED THA T ALL THE FACTUAL DETAILS WERE FILED BY IT AND THAT THE TRIBUNAL'S RULING DIS MISSING THE APPLICANT'S APPEAL HOLDING THAT THE APPLICANT HAD NOT CONTROVER TED THE FINDINGS OF THE LOWER AUTHORITIES CLEARLY GIVES RISE TO A MISTAKE A PPARENT FROM THE RECORD IN THE ORDER OF THE TRIBUNAL. 3. IN VIEW OF THE ABOVE SUBMISSION IT WAS CONTENDED TO DELETE THE ADDITION SO MADE OR TO RECALL THE ORDER. 4. ON THE OTHER HAND, THE CONTENTION OF THE LEARNED D .R. WAS THAT THERE IS NO APPARENT MISTAKE IN THE ORDER OF THE TR IBUNAL. 5. WE HAVE CAREFULLY GONE THROUGH THE MISCELLANEOUS A PPLICATION AS WELL AS THE ORDER PASSED BY THE TRIBUNAL DATED 13.0 2.2015. WE FIND THAT IN THIS APPEAL ASSESSEE WAS AGGRIEVED BY UPHOLDING THE ADDITION OF ` 38,75,000/- MADE BY THE AO ON ACCOUNT OF BOGUS SHAR E CAPITAL. THE DEPARTMENT WAS ALSO IN APPEAL FOR DELETING THE ADDI TION OF ` 1,98,59,900/-. THE TRIBUNAL HAVE DEALT WITH THE ISSUE THREADBARE A ND AFTER CONFIRMING THE FINDINGS OF THE CIT(A), DISMISSED BOTH THE APPEALS OF THE ASSESSEE AND REVENUE. THERE IS NO MISTAKE, MUCH LESS THAN AN APP ARENT MISTAKE, IN THE ORDER PASSED BY THE TRIBUNAL. 6. IN THE RESULT, THE MISCELLANEOUS APPLICATION FILED BY THE ASSESSEE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 4 TH MAY, 2018. SD/ - SD / - (JOGINDER SINGH) (R.C. SHARMA) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI, DATED: 4 TH MAY, 2018 MA NO. 76/MUM/2018 M/S. AMORE JEWELS P. LTD. 3 COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT(A) -CONCERNED, MUMBAI 4. THE CIT - CONCERNED, MUMBAI 5. THE DR, A BENCH, ITAT, MUMBAI BY ORDER //TRUE COPY// ASSISTANT REGISTRAR ITAT, MUMBAI BENCHES, MUMBAI N.P.