2012 (5) TMI 719 - AT - Income Tax

Tribunal allows Revenue's appeal after amendment, rectifying tax effect error.

The Tribunal allowed the Miscellaneous Application filed by the Revenue, recalling its earlier order and directing the Revenue to file an amended ground ... - The Revenue filed a Miscellaneous Application seeking recall of the Tribunal's order dated 26.08.2011 in ITA No.1023/Chd/2010 (AY 2007-08), alleging a clerical error in ground No.(ii): the addition on account of 'revaluation of closing stock of gold' was recorded as Rs. 80,000 instead of Rs. 3,80,000. Because of the mistaken figure the appeal was dismissed as being of 'low tax effect.' The Tribunal found that a mistake had occurred and that 'if the figure is adopted at Rs. 3,80,000/-, then the tax effect is above the limit prescribed for filing the appeal before the Tribunal.' Consequently the order dated 26.8.2011 was recalled and the Revenue was directed to file an amended ground of appeal No.(ii). The appeal was listed for hearing on 04.06.2012, with formal notice waived by consent of the parties, and the Miscellaneous Application was allowed.