2024 (5) TMI 1465 - AT - Income Tax

Maintainability of Rectification u/s 254 - seeks to recall/rectify tribunal s order dismissing it s main appeal as involving lower than the prescribed tax effect of Rs. 20 lakhs in light of the CBDT s Circular no .3/2018 dated 11.07.2018 u/sec. 254(2) - HELD THAT - It emerges at the outset with the able assistance coming from both the parties that the assessee had claimed the impugned sec. 80P deduction relief involving interest income as per the Revenue s pleadings of the instant application. CIT(A) admittedly accepted the said claim which led to the Revenue filing the main appeal herein 2018 (8) TMI 2161 - ITAT PUNE Faced with this situation, assessee submitted very fairly that the tax effect herein involving quantum addition very well exceeds Rs. 20 lakhs. That being the case, we recall our impugned order dated 01.08.2018 as suffering from an apparent error on the face of it in very terms. Registry is directed to list the Revenue s main appeal in due course as per rules.

Summary

The ITAT Pune allowed the Revenue's miscellaneous application M.A. No. 285/PUN./2022 for the assessment year 2014-2015. The application sought to recall the tribunal's order dismissing the main appeal I.T.A. No. 2484/PUN./2017 due to the tax effect exceeding Rs. 20 lakhs. The impugned order was recalled, and the main appeal was directed to be listed again.