Income Tax Appellate Tribunal - Mumbai
Jp Morgan Funds , Mumbai vs Dcit (It) 3(1)(1), Mumbai on 21 March, 2022
MA No 307/Mum/2021
In ITA No.2430/Mum/2019
Assessment year: 2015-16
Page 1 of 2
IN THE INCOME TAX APPELLATE TRIBUNAL
MUMBAI 'I' BENCH, MUMBAI
[Coram: Pramod Kumar (Vice President),
and Rahul Chaudhary (Judicial Member)]
MA No 307/Mum/2021
In ITA No.2430/Mum/2019
Assessment year: 2015-16
JP Morgan Funds ...................... Appellant
C/o SRBC & Associates LLP, 14th Floor, The Ruby,
29-Senapathi Bapat Marg, Dadar (W)Mumbai 400028
[PAN: AABCJ4972E]
Vs.
Deputy Commissioner of Income Tax (IT) 3(1)(1)
Mumbai ........................ Respondent
Appearances by
Rajan Vora along with Heman Chandaria for the applicant
Milind Chavan for the respondent
Date of concluding the hearing : February 11, 2022
Date of pronouncement the order : March 21, 2022
ORDER
Per Pramod Kumar, VP:
1. By way of this rectification petition, the assessee applicant points out a mistake, apparent on record, in our order dated 12th August 2021. The mistake, as pointed out in the said order, is that while we have dismissed the appeal as infructuous on the ground that sale of shares did not take place in the relevant previous year, the correct factual position is that the sale of shares did take place in the relevant previous year. We are thus urged to recall our order dated 12th August 2021, and decide the appeal on merits.
2. Heard the parties and perused the records.
3. We find that the appeal was dismissed as infructuous on the basis of cretin observations of the learned CIT(A) indicating that the sale of shares did not take place in the relevant previous MA No 307/Mum/2021 In ITA No.2430/Mum/2019 Assessment year: 2015-16 Page 2 of 2 year, the correct factual position is that the sale of shares did take place in the relevant previous year. The matter was thus required to be decided on merits. On being pointed out the related facts, learned Departmental Representative also accepts this factual position. Clearly, thus, the impugned order does suffer from a mistake apparent on record, and it can be rectified under section 254(2) of the Income Tax Act 1961. The plea of the applicant is indeed correct.
4. In view of the above discussions, as also bearing in mind entirety of the case, we deem it fit and proper to recall the order dated 12th August 2021, and direct the Registry to post the matter for hearing on merits on 29th March 2022. Ordered, accordingly.
5. In the result, miscellaneous application is allowed. Pronouncement in the open court today on the 21st March, 2022.
Sd/- Sd/-
Rahul Chaudhary Pramod Kumar
(Judicial Member) (Vice President)
Mumbai, dated the 21 st March, 2022
Copies to: (1) The appellant (2) The respondent
(3) CIT (4) CIT(A)
(5) DR (6) Guard File
By order
True Copy
Assistant Registrar/ Sr. PS
Income Tax Appellate Tribunal
Mumbai benches, Mumbai