9911796707
TMI Blog2010 (5) TMI 843X X X X Extracts X X X X X X X X Extracts X X X X ..... us Application u/s.254(2) of the Income-tax Act, 1961 has been moved by the assessee praying for the rectification of the order of the Tribunal dated 20.02.2009 in ITA No.4251/Mum/2007. 2. The learned Counsel for the assessee contended that the Tribunal has upheld the imposition of penalty u/s.271(1)(c) by relying on the judgement of the Hon ble Supreme Court in the case of Union of India and O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tive has filed an affidavit stating that he had relied on this judgement during the course of hearing before the Tribunal. When this fact was brought to the notice of the learned A.R., she also caused an affidavit filed from Shri Vishwas Vasudev Mahendale, the practicing Chartered Accountant, asserting that the judgement in the case of Dharmendra Textile Processors Ors. (supra) was not cited by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anufacturing of tooth paste. It claimed deduction u/s.80-I and 80-HHA in respect of profit on sale of shares amounting to ₹ 2,76,300. The Assessing Officer held that the assessee had wrongly claimed deduction on this amount, which was not available as it could not be held as income derived from the industrial undertaking. He accordingly assessed such income under the head capital gains and d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee, remains a bare assertion, in contending that the treatment of income under certain head was based on the law prevailing on the date of filing the return of income. The capital gains or income earned by the assessee from the sale of shares has not been derived from, the sale of product viz. Tooth paste manufactured by the assessee company. It is not a claim of deduction made on bonafide be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... some mistake apparent on record, the parties can approach for rectification of such mistake. It cannot be permitted to impress upon the bench to carry out the review in the garb of rectification of the order. Our view is fortified by the recent judgment of the Hon ble jurisdictional High Court in the case of CIT Vs. Earnest Exports Ltd. [2010-TIOL-164-HC-MUM (Bom.)]. 9. In view of the foregoing ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
