THE CLEARING CORPORATION OF INDIA LIMITED,MUMBAI V. ASSISTANT COMMISSIONER OF INCOME TAX 8(3)(1), MUMBAI

MA 295/MUM/2024

AI Insights

The case involves The Clearing Corporation of India Limited (the assessee) filing miscellaneous applications (M.A. No. 295/Mum/2024 & M.A. No. 296/Mum/2024) against the orders of the Income Tax Appellate Tribunal concerning the assessment years 2017-18 and 2020-21. The applications were directed towards rectifying what the assessee claimed was a mistake apparent on record in the Tribunal's earlier orders. The Tribunal, however, found that the issues raised in the applications had been previously considered and decided upon, and thus, no rectification was necessary.

• Counselvise Citation: [2025] 140 COUNSELVISE.COM (IT) 28546 (ITAT-MUMBAI)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 20-02-2025
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2017-2018
• Laws Referred To: Income Tax Act
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: MAHESH PAMNANI; DR
• Assessee Lawyers: RONAK DOSHI; VRUSHTI GALANI; ARS
• Section: 254(2)

Judgement Text

" | आयकर अपीलीय अिधकरण \fा यपीठ, मुंबई | IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI NARENDRA KUMAR BILLAIYA, HON’BLE ACCOUNTANT MEMBER & SHRI RAJ KUMAR CHAUHAN, HON’BLE JUDICIAL MEMBER M.A. No. 295/Mum/2024 A/o I.T.A. No. 2794/Mum/2024 Assessment Year: 2017-18 & M.A. No. 296/Mum/2024 A/o I.T.A. No. 2848/Mum/2024 Assessment Year: 2020-21 The Clearing Corporation of India Limited, Mumbai CCIL Bhavan, S.K. Bole Road Dadar West Mumbai - 400028 [PAN: AABCT4143P] Vs Assistant Commissioner of Income Tax, Circle – 8(3)(1), Mumbai अपीला थ\u0016/ (Appellant) \u0017\u0018 यथ\u0016/ (Respondent) Assessee by : Shri Ronak Doshi & Ms. Vrushti Galani, A/Rs Revenue by : Shri Mahesh Pamnani, Sr. D/R सुनवाई की तारीख/Date of Hearing : 07/02/2025 घोषणा की तारीख /Date of Pronouncement: 20/02/2025 आदेश/O R D E R PER NARENDRA KUMAR BILLAIYA, AM: M.A. No. 295/Mum/2024 & M.A. No. 296/Mum/2024 arise out of I.T.A. No. 2794/Mum/2024 & I.T.A. No. 2848/Mum/2024 respectively. 2. These miscellaneous applications by the assessee have been directed towards the captioned orders of the Tribunal pointing out that M.A. No. 295/Mum/2024 & M.A. No. 296/Mum/2024 2 a mistake apparent on record has crept which needs to be rectified u/s 254(2) of the Act. 3. The ld. Counsel for the assessee was heard at length. Case records carefully perused. The ld. Counsel for the assessee referred to the observations of the Bench at para 7, which read as under:- “7. …….. It was strongly contended that the company has been following the same method of accounting for variable pay expenses but in the year under consideration, the company has improvised the accounting provision to arrive at true and fair financial results.” 4. It is the say of the ld. Counsel that this was never argued before the Bench. 5. We find no merit in this contention of the ld. Counsel as in the assessment order, at para 4.1., the AO referring to the submissions dated 13/11/2019, has mentioned this claim of the assessee which reads as under:- “4.1 Vide submission dated 13.11.2019, the assessee explained the above expenditure as follows: \"Till the previous year, the Company was accounting for variable pay in the year of ascertainment (i.e in the subsequent financial year), However, from the F. Y. 2016-17, the Company started accounting for variable pay on provision basis. Accordingly, variable pay expense for F.Y. 2016-17 includes variable pay for F.Y. 2015-16, ascertained in F.Y. 2016-17 and provision for variable pay for F.Y. 2016-17.\" 6. Thus, it is apparent that the Bench has considered the submissions made by the assessee before the lower authorities. Based on this, the Bench restored the issue to the file of the AO to examine the variable M.A. No. 295/Mum/2024 & M.A. No. 296/Mum/2024 3 pay policy thoroughly and decide the issue afresh as per the relevant provisions of the law. 7. Considering the contents of the miscellaneous application vis-à- vis the observation of the Bench qua the submissions made before the lower authorities, we do not find any reason to invoke the provisions of Section 254(2) of the Act. There is no mistake apparent on record. 8. In the result, both the miscellaneous applications filed by the assessee are dismissed. Order pronounced in the Court on 20th February, 2025 at Mumbai. Sd/- Sd/- (RAJ KUMAR CHAUHAN) (NARENDRA KUMAR BILLAIYA) JUDICIAL MEMBER ACCOUNTANT MEMBER Mumbai, Dated 20/02/2025 *SC SrPs *SC SrPs *SC SrPs *SC SrPs आदेश की \u0014ितिलिप अ\u0019ेिषत /Copy of the Order forwarded to : 1. अपीलाथ\u001b / The Appellant 2. \u0014\u001cथ\u001b / The Respondent 3. संबंिधत आयकर आयु! / Concerned Pr. CIT 4. आयकर आयु! ) अपील ( / The CIT(A)- 5. िवभागीय \u0014ितिनिध ,आयकर अपीलीय अिधकरण, मुंबई /DR,ITAT, Mumbai, 6. गाड% फाई/ Guard file. आदेशानुसार/ BY ORDER, TRUE COPY Assistant Registrar आयकर अपीलीय अिधकरण ITAT, Mumbai "