ORIX AUTO INFRASTRUCTURE SERVICES LIMITED, MUMBAI V. DEPUTY COMMISSIONER OF INCOME TAX 10(3)(1), MUMBAI

MA 904/MUM/2017

• Counselvise Citation: [2019] 114 COUNSELVISE.COM (IT) 2236 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 10 month(s) 23 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 20-11-2019
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: G
• Assessment Year: 2011-2012
• Appeal Filed On: 28-12-2017
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: S MICHAEL JERALDLD
• Assessee Lawyers: U A MEHTA LD ARS
• Keywords: Rectification of order; Earning of tax free income
• Section: 14A

Judgement Text

1 M.A NO. 904/MUM/2017 M/S. ORIX AUTO INFRASTRUCTURE SERVICES LTD. ASSESSMENT YEAR 2011-12 IN THE INCOME TAX APPELLATE TRIBUNAL G BENCH, MUMBAI . . , , BEFORE HONBLE SHRI C.N. PRASAD, JM AND HONBLE SHRI MANOJ KUMAR AGGARWAL, AM M.A NO. 904/MUM/2017 [ARISING OUT OF ITA NO.4480/MUM/2016] ( ( )( / ASSESSMENT YEAR:2011-12) M/S. ORIX AUTO INFRA STRUCTURE SERVICES L TD. PLOT NO. 94, MAROL COOP. INDUSTRIAL ESTATE ANDHERI KURLA ROAD, ANDHERI (E) MUMBAI-400 059. / VS. D CIT - 10(3)(1) ROOM NO. 404, 4 TH FLOOR AAYKAR BHAWAN, M.K.ROAD MARINE LINES, MUMBAI-400 020. *+ ,- . ./ . ./PAN/GIR NO. AAACO-2563-P ( /APPLICANT ) : ( / RESPONDENT ) / APPLICANT BY : SHRI KETAN VED & MS. U.A MEHTA- LD. ARS / RESPONDENT BY : SHRI S. MICHAEL JERALD-LD. DR / DATE OF HEARING : 15/11/2019 / DATE OF PRONOUNCEMENT : 20/11/2019 / O R D E R MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER): - 1. BY WAY OF THIS MISCELLANEOUS APPLICATION, THE AS SESSEE SEEK CERTAIN RECTIFICATION IN TRIBUNAL ORDER DATED 17/04 /2017 FOR ASSESSMENT YEAR 2011-12. 2 M.A NO. 904/MUM/2017 M/S. ORIX AUTO INFRASTRUCTURE SERVICES LTD. ASSESSMENT YEAR 2011-12 2. DRAWING OUR ATTENTION TO PLEADINGS IN THE APPLIC ATION, LD. AR SUBMITTED THAT THE BENCH ERRED IN IGNORING THE FACT THAT NO ADDITIONAL EXPENDITURE WAS INCURRED IN MAKING INVESTMENT IN SH ARES WHICH WERE ACQUIRED UPON TRANSFER OF BUSINESS. ANOTHER PLEA RA ISED BY LD. AR WAS THE FACT THAT SINCE NO EXEMPT INCOME WAS EARNED BY THE ASSESSEE DURING THE YEAR, NO DISALLOWANCE COULD BE MADE U/S 14A AS PER VARIOUS BINDING JUDICIAL PRECEDENTS. PER CONTRA, LD. DR SUB MITTED THAT ONLY MISTAKE APPARENT FROM RECORD COULD BE RECTIFIED AND THE ORDER COULD NOT BE REVIEWED. 3. UPON CAREFUL CONSIDERATION OF PARA 4 & 5 OF THE ORDER, WE FIND THAT INTEREST DISALLOWANCE U/R 8D(2)(II) WAS ALREAD Y DELETED BY LEARNED FIRST APPELLATE AUTHORITY. THE ASSESSEE HAD MADE SUO-MOTO DISALLOWANCE U/R 8D(2)(III) WHICH WAS ACCEPTED BY L D. AO. IT WAS OBSERVED BY THE BENCH THAT THE ASSESSEE WAS MERELY SEEKING RECTIFICATION OF MISTAKE MADE IN THE RETURN OF INCO ME, FOR WHICH SEPARATE PROCEDURE / REMEDY WAS PROVIDED IN THE ACT. THE ISS UE, ON MERITS, WAS ALSO DEALT WITH IN PARA-4 OF THE ORDER AND THE CASE LAWS BEING RELIED UPON BY THE ASSESSEE WERE DULY CONSIDERED. THE FACT THAT THE ASSESSEE DID NOT EARN ANY EXEMPT INCOME WAS ALSO TA KEN NOTE OF. 4. THEREFORE, WE DO NOT FIND ANYTHING AMISS IN THE ORDER AND THIS APPLICATION SEEK NOTHING MORE THAN A REVIEW OF THE ORDER, WHICH IS IMPERMISSIBLE, AS RIGHTLY POINTED OUT BY LD. DR. 3 M.A NO. 904/MUM/2017 M/S. ORIX AUTO INFRASTRUCTURE SERVICES LTD. ASSESSMENT YEAR 2011-12 5. HENCE, FINDING NO REASON TO INTERFERE IN THE ORD ER, THE APPLICATION STAND DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 20 TH NOVEMBER, 2019 SD/- SD/- (C.N.PRASAD) (MANOJ KUMAR AGGARWAL) / JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI; DATED :20/11/2019 SR.PS:-**PP,SPS 34 5)4 / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT 3. ) ) * ( ) / THE CIT(A) 4. ) ) * / CIT CONCERNED 5. +, # - , ) - , / DR, ITAT, MUMBAI 6. ,./0 / GUARD FILE / BY ORDER, / (DY./ASSTT.REGISTRAR) , / ITAT, MUMBAI.