M/s. Jain Gota Store, SRIGANGANAGAR V. ACIT, SRIGANGANAGAR

MA 86/JODH/2013

• Counselvise Citation: [2013] 124 COUNSELVISE.COM (IT) 0865 (ITAT-JODHPUR)
• Duration Of Justice: 1 month(s) 9 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 20-08-2013
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: DB
• Assessment Year: 2004-2005
• Appeal Filed On: 11-07-2013
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: G R KOKANI
• Assessee Lawyers: SURESH OJHA SHRI ASHOK KHATRI
• Section: 148

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL JODHPUR BENCH, JODHPUR BEFORE SHRI HARI OM MARATHA, JUDICIAL MEMBER AND SHRI N.K.SAINI, ACCOUNTANT MEMBER MA NO. 86 & 87/JU/2013 [A/O ITA NO. 386 & 545/JU/2010] [A.Y: 2004-05 & 2006-07] M/S JAIN GOTA STORE VS. THE A.C.I.T 28, SADAR BAZAR CIRCLE SRIGANGANAGAR SRIGANGANAGAR PAN NO. AAFJ 8324 N (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI SURESH OJHA SHRI ASHOK KHATRI DEPARTMENT BY : SHRI G.R. KOKANI DATE OF HEARING : 15.07.2013 DATE OF PRONOUNCEMENT : 2008.2013 ORDER PER HARI OM MARATHA, J.M. THROUGH THESE MISCELLANEOUS APPLICATIONS [MA], THE APPLICANT [ASSESSEE] HAS SOUGHT RECTIFICATION OF AL LEGED MISTAKES U/S 254(2) OF THE INCOME-TAX ACT, 1961 2 [HEREINAFTER REFERRED TO AS 'THE ACT', FOR SHORT] I N THE TRIBUNAL ORDER [TO] DATED 14.06.2011 PASSED IN THIS CASE IN ITA NO. 386/JU/2011 FOR A.Y. 2004-05 AND ITA NO . 545/JODH/2013 FOR A.Y. 2006-07. MA NO. 86/JODH/2013 2. WE HAVE HEARD THE RIVAL SUBMISSIONS AND HAVE CAREFULLY PERUSED THE ENTIRE MATERIAL ON RECORD. TH E APPELLANT MOVED AN APPLICATION U/S 254 OF THE TAX A CT BY POINTING OUT MISTAKE IN RESPECT OF THE FINDING GIVEN BY THI S BENCH IN RESPECT OF THE VALUATION OF THE CLOSING STOCK. THE APPELLAN T WANTS TO REVIEW THE TRIBUNAL ORDER UNDER THE GARB OF RECTIFICATION APPLICATION U/S 254(2) OF THE ACT. THE ISSUE IS IN RESPECT OF VALUA TION OF CLOSING STOCK. THE ASSESSEE CHANGED THE METHOD OF VALUATION FOR THE A.Y 2004-05 UNDER CONSIDERATION AS FIXED STOCK AND REGU LAR STOCK AND CONTINUED THE SAME METHOD OF VALUATION IN THE SUBSE QUENT YEAR BUT WHILE FURNISHING THE RETURN U/S 148 OF THE ACT THE ASSESSEE CHANGED THE ENTIRE STOCK ON THE COST PRICE. THE BENCH HAS G IVEN FINDING THAT WHILE FURNISHING THE RETURN U/S 147, NEW RELIEFS OR BENEFIT CANNOT BE 3 TAKEN. WE HAVE ALREADY GIVEN FINDING IN RESPECT OF CHANGE OF STOCK OF FIXED STOCK IS PERMISSIBLE. THIS VIEW HAS BEEN T AKEN IN THE A.YS. 2005-06, 2006-07 AND 2007-08 ALSO. THEREFORE, THE M ISCELLANEOUS APPLICATION SUBMITTED U/S 254 (2) OF THE ACT IS REJ ECTED. MA NO. 87/JU /2013 3. THE ONLY MISTAKE POINTED OUT BY THE LD. A.R. IN HIS MA IS THAT A.Y. 2004-05 HAS BEEN TYPED IN LINE NO. 4, PARA 34 AT PAGE 40 WHICH SHOULD BE A.Y. 2005-06. 4. THE DR ALSO CONCEDED TO THE SAME. 5. WE ARE IN AGREEMENT WITH THE ASSESSEE AND RECTIF Y THIS MISTAKE AS UNDER: A.Y. 2004-05 WHICH HAS BEEN TYPED IN LINE NO. 4, P ARA 34 AT PAGE 40 OF THE ORDER FOR A.Y. 2006-07 SHOULD BE READ AS A.Y. 2005-06. 4 4. IN THE RESULT, THE M.A. OF THE ASSESSEE IS PARTL Y ALLOWED. ORDER PRONOUNCED IN THE COURT ON 20 TH AUGUST, 2013. SD/- SD/- (N.K.SAINI) [HARI OM MARATH A] ACCOUNTANT MEMBER JUDICIAL MEMBER DATED : 20 TH AUGUST, 2013. VL/- COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT BY ORDER 4. THE CIT(A) 5. THE DR ASSISTANT REGISTRAR ITAT, JODHPUR