RAKESH KUMAR PANDITA,DELHI V. ACIT CIRCLE-24(1), NEW DELHI

MA 213/DEL/2021

AI Insights

The case involves Shri Rakesh Kumar Pandita, Director of SRB Instruments Pvt. Ltd, who filed a miscellaneous application seeking to recall an order passed by the Income Tax Appellate Tribunal in a previous appeal (ITA No. 6476/Del/2019). The original appeal concerned the assessment year 2012-13 and involved issues related to the taxation of dividends and the set-off of losses. The assessee argued that the Tribunal had not considered certain arguments and submissions made during the virtual hearing and in written submissions, particularly concerning the interpretation of section 115BBDA and its relation to the set-off of losses against dividend income. The Tribunal, however, dismissed the application, categorizing it as a review rather than a rectification, which is not allowed under the specified section of the Income Tax Act.

• Counselvise Citation: [2025] 140 COUNSELVISE.COM (IT) 470150 (ITAT-DELHI)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 21-02-2025
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2012-2013
• Laws Referred To: Income Tax Act
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: ASHISH TRIPATHY
• Assessee Lawyers: BHARAT BHUSHAN JAIN
• Section: 254(2)

Judgement Text

"Page | 1 INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “SMC”: NEW DELHI BEFORE SHRI M. BALAGANESH, ACCOUNTANT MEMBER MA No. 213/Del/2021 ITA No. 6476/Del/2019 (Assessment Year: 2012-13) Shri Rakesh Kumar Pandita, SRB Instruments Pvt. Ltd, B- 28/34, Maurya Complex, Laxmi Nagar, Delhi Vs. ACIT, Circle-24(1), New Delhi PAN:AFRPP2611N (Applicant) (Respondent) Assessee by : Shri Bharat Bhushan Jain, CA Shri B. K. Pandey, CA Revenue by: Shri Ashish Tripathy, Sr. DR Date of Hearing 21/02/2025 Date of pronouncement 21/02/2025 O R D E R 1. By virtue of this miscellaneous application assessee seeks to recall the order passed by this Tribunal in ITA NO. 6476/Del/2019 dated 22.10.2021. the miscellaneous application of the assessee is reproduced herein:- “ Review Petition Before the ITAT Delhi In the case of Rakesh Kumar Pandita Directer of SRB Instrument (Pvt Ltd) appeal No. ITA 6476/DE1/2019 AY 2012-12 Name of the Appellant : Rakesh Kumar Pandita SRB Instrument Pvt Ltd Address : 8-21/34, Mayura Complex Laxmi nagar, Delhi PAN :AFRPP2611N Date of Hearing : 20.10.2021 Date of Order : 22.10.2021 MA No. 213/Del/2021 Shri Rakesh Kumar Pandita Page | 2 Submission Sir, From the Proposal of the said order it is noticed that your good self, did not consider the argument put forward before your good self during the virtual hearing on 20/10/2021. Your kind attention was drawn to section 115BBDA which is similar provision regarding taxing the dividend received from certain DIVIDENDS received from Domestic companies @10% wherein in sub section 2 It is mentioned that no deduction in respect of any expenditure or allowance or set of loss shall be allowed to the assessee in any provision of this act in computing the income by way of dividend refer to clause (a) of sub section (1) Whereas in subsection 2 of section 115BBD there is no mention of \"set off loss\" besides expenditure or allowance, therefore your good self will appreciate that the set of loss cannot be interpreted to include under the scope of expenditure or allowance as interpreted by your good self. Your kind attention is also drawn to the fact that this argument was also put forward in the written submission filed on July 12, 2021. Copy of the same enclosed for your ready reference. In view of the above mentioned provisions of the law as per section 1158BD read with section 115BBDA your good self will observe the set off loss as claimed by the assessee is to be set off against the income from dividends is to be taxed under section 115 BBD. Therefore it is hereby requested to kindly review the said order Dated 22/10/2021 in the best interest of justice to the assesse and oblige. Yours Sincerely R.C. Chandiwala, FCA (Authorised Council) Dated: 15.11.2021 Place: New Delhi” 2. On perusal of the aforesaid miscellaneous application of the assessee, it is clear that assessee is only seeking a review of the order passed by this Tribunal which is impermissible u/s 254(2) of the Act. Further, submissions advanced by the ld AR in support of the miscellaneous application of the assessee requires MA No. 213/Del/2021 Shri Rakesh Kumar Pandita Page | 3 long drawn arguments and is purely a debatable issue and would not constitute mistake apparent on record warranting any rectification u/s 254(2) of the Act. Hence, it is clear case of review and not rectification. Accordingly, miscellaneous application of the assessee is dismissed. 3. In the result, the miscellaneous application preferred by the assessee is dismissed. Order pronounced in the open court on 21/02/2025. -Sd/- (M. BALAGANESH) ACCOUNTANT MEMBER Dated: 21/02/2025 A K Keot Copy forwarded to 1. Applicant 2. Respondent 3. CIT 4. CIT (A) 5. DR:ITAT ASSISTANT REGISTRAR ITAT, New Delhi "