THE INDRA COMPANY LIMITED(AS SAUMYA TRADE & FISCAL SERVICES P. LTD. MERGED INTO THE INDRA CO. LTD.),KOLKATA V. I.T.O., WARD - 12(3), KOLKATA

MA 125/KOL/2025

AI Insights

The case involves The Indra Company Limited, which filed a Miscellaneous Application against an order from the ITAT concerning the assessment year 2016-17. The application sought to correct perceived mistakes in the ITAT's previous order, which included requests to amend observations and exclusions related to the remand of certain grounds to the CIT(A). The Tribunal acknowledged a typographical error in the dismissal of the appeal and corrected it, but dismissed other requests that sought to alter the substantive decisions of the previous order.

• Counselvise Citation: [2025] 140 COUNSELVISE.COM (IT) 783657 (ITAT-KOLKATA)
• Duration Of Justice: 2 month(s) 7 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 03-11-2025
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: B
• Assessment Year: 2016-2017
• Appeal Filed On: 26-08-2025
• Laws Referred To: Income Tax Act
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Keywords: Set aside; Cost of acquisition

Judgement Text

"IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘B’ BENCH, KOLKATA Before SONJOY SARMA, JUDICIAL MEMBER & SRI RAKESH MISHRA, ACCOUNTANT MEMBER M.A. No.: 125/KOL/2025 Arising out of I.T.A. No.: 2038/KOL/2024 Assessment Year: 2016-17 The Indra Company Limited (As Saumya Trade & Fiscal Services P. Ltd. merged into The Indra Co. Ltd.) Vs. I.T.O., Ward -12(3), Kolkata (Appellant) (Respondent) PAN: AAACT9202G Appearances: Assessee represented by : P.R. Kothari, FCA. Department represented by : S.B. Chakraborthy, ACIT, Sr. DR. Date of concluding the hearing : 10-October-2025 Date of pronouncing the order : 03-November-2025 ORDER PER RAKESH MISHRA, ACCOUNTANT MEMBER: This Miscellaneous Application arises out of the order in ITA No. 2038/KOL/2024 for AY 2016-17 order dated 29.05.2025 passed by the ITAT Bench ‘B’, Kolkata. An application has been filed requesting to recall the order u/s 254(2) of the Act and to revisit the decision thereof. 2. The assessee, vide the M.A. filed, has highlighted the following mistakes to be corrected: “Prayer In view of the foregoing facts and circumstances and for the ends of the justice, the applicant assessee most respectfully prays that your honours may be Printed from counselvise.com Page | 2 M.A. No.: 125/KOL/2025 Arising out of I.T.A. No.: 2038/KOL/2024 Assessment Year: 2016-17 The Indra Company Limited (As Saumya Trade & Fiscal Services P. Ltd. merged into The Indra Co. Ltd.). pleased to kindly rectify under section 254(2) of the Act, the mistakes apparent from record in the impugned order: a) by deleting the observation to the effect of dismissal of the appeal of the applicant assessee made in the last line of last sentence of paragraph 12 of impugned order, b) by including a clarification at the end of the paragraph 13 of the impugned order to the effect that Id. CIT(A) while passing the fresh order in remanded matter as directed by Hon'ble ITAT would not be influenced by any observation whatsoever made by Hon'ble ITAT in its impugned order dated 29.05.2025 including observations described in para v)(b), v)(c) v)(0) and v)(1) of this petition; or by expunging these observations from the impugned order to make the remand to Id. CIT(A) open, unambiguous, unqualified, unrestrictive and meaningful; c) by excluding ground no. 6 of applicant assessee's appeal from the ambit of remand to Id. CIT(A) as per paragraph 13 of impugned order after adjudicating itself the said ground which is an independent ground not affected by any decision of any authority including ITAT itself in respect of ground no. 1 to 5 of applicant assessee's appeal as described in para v)(c) of this petition, and d) by excluding the aspect of cost of acquisition of the subject shares of SRNL from the ambit of remand to Id. CIT(A) as per paragraph of impugned order as the same aspect was not subject matter of applicant assessee's appeal before Hon'ble ITAT as described in para v)(d) of this petition.” 3. Rival contentions were heard and the record and the submissions made have been examined. The Ld. AR brought to our notice that there is discrepancy between the final decision in para 13 in which the appeal has been remanded to the Ld. CIT(A) but in the preceding para 12 of the order it is mentioned that “the appeal of the assessee is dismissed.” 4. We have noted and are of the view that there is a prima facie typographical error in the order which is hereby modified to the extent that in last line of Para 12 of the order, the sentence beginning from “Hence, on the facts of the case the entire transaction …” and ending with Printed from counselvise.com Page | 3 M.A. No.: 125/KOL/2025 Arising out of I.T.A. No.: 2038/KOL/2024 Assessment Year: 2016-17 The Indra Company Limited (As Saumya Trade & Fiscal Services P. Ltd. merged into The Indra Co. Ltd.). “…the order of the Ld. CIT(A) confirming the transaction subject to re- computation of the loss is upheld and the appeal of the assessee is dismissed.” is hereby expunged as the same is not in conformity with the findings and the concluding decision in para 13 on the basis of which the impugned order of the Ld. CIT(A) has been set aside and the appeal has been directed to be decided afresh as per the findings/directions mentioned in the order of the Tribunal. 5. Thus, only to this limited extent, the Miscellaneous Application of the assessee is partly allowed and the inadvertent prima facie error is corrected in view of the final findings/directions in the order and only the error mentioned in para 12 is corrected. As other issues raised do not fall under the category of prima facie mistake but would result in review of our order, the same are not being adjudicated upon and the grounds/mistakes pointed out are dismissed. 6. In view of the above, the M.A. is partly allowed. Order pronounced in the open Court on 3rd November, 2025. Sd/- Sd/- [Sonjoy Sarma] [Rakesh Mishra] Judicial Member Accountant Member Dated: 03.11.2025 Bidhan (Sr. P.S.) Printed from counselvise.com Page | 4 M.A. No.: 125/KOL/2025 Arising out of I.T.A. No.: 2038/KOL/2024 Assessment Year: 2016-17 The Indra Company Limited (As Saumya Trade & Fiscal Services P. Ltd. merged into The Indra Co. Ltd.). Copy of the order forwarded to: 1. The Indra Company Limited (As Saumya Trade & Fiscal Services P. Ltd. merged into The Indra Co. Ltd.), 707, Central Plaza, 2/6, Sarat Bose Road, Minto Park Area, Kolkata, West Bengal, 700020. 2. I.T.O., Ward -12(3), Kolkata. 3. CIT(A)-NFAC, Delhi. 4. CIT- 5. CIT(DR), Kolkata Benches, Kolkata. 6. Guard File. //True copy // By order Assistant Registrar ITAT, Kolkata Benches Kolkata Printed from counselvise.com "