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2019 (4) TMI 1842 - AT - Income TaxRectification of mistake u/s 254 - Profit from sale of shares - assessee had shown long term and short term capital gains on sale of shares, which were earlier, held as stock-in-trade - HELD THAT - HELD THAT - After discussing the appeal of assessee for both the A.Ys. i.e. 2003-04 2006-07 were dismissed. So far as ground no.1 in appeal for A.Y. 2003-04 is concerned, we have noted that there is no discussion on ground no.1 in appeal for A.Y. 2003-04, therefore, considering the mistake apparent on record, the order dated 30.05.2018 is recalled qua ground no.1 2018 (5) TMI 1977 - ITAT MUMBAI . As we have recalled the order 2018 (5) TMI 1977 - ITAT MUMBAI qua ground no.1therefore, the registry is directed to fix the appeal for hearing by regular bench on 02.05.2019. Parties be informed through proper notice.
Issues: Rectification of order dated 30.05.2018 regarding the alleged mistake in the order passed for Assessment Year (AY) 2006-07, specifically related to the discussion and adjudication of grounds of appeal for A.Y. 2003-04.
In the judgment, the assessee filed a Miscellaneous Application (MA) seeking rectification of the order dated 30.05.2018 passed in ITA No. 7501/Mum/2016 for AY 2006-07. The applicant contended that although all three appeals were decided in a consolidated order, there was a mistake as the order only dealt with the cross appeal for AY 2006-07 and not AY 2003-04. The assessee argued that there was no discussion or adjudication of the grounds of appeal for AY 2003-04, which was a mistake apparent on record. The assessee requested the order to be recalled for proper disposal of the appeal for AY 2003-04. On the other hand, the revenue submitted that all appeals were dismissed after detailed discussion, and there was no mistake apparent that required rectification. After considering the submissions, the Tribunal found that while ground no. 2 for AY 2003-04 and ground no. 1 for AY 2006-07 were discussed and adjudicated, there was no discussion on ground no. 1 for AY 2003-04. Therefore, the order dated 30.05.2018 was recalled specifically for ground no. 1 in ITA No. 7501/Mum/2016, and the appeal was directed to be fixed for hearing by a regular bench on a specified date. Consequently, the Miscellaneous Application filed by the assessee was partly allowed, and the order was pronounced in open court on 12th April 2019.
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