2011 (2) TMI 1591 - AT - Income Tax

Tribunal dismisses Revenue's petitions for order recall under Income-tax Act

The Appellate Tribunal ITAT CHENNAI dismissed the Revenue's miscellaneous petitions seeking the recall of the Tribunal order for fresh consideration under ... - Revenue invoked section 254(2) seeking recall of the Tribunal order dated 31.5.2010 for AYs 2003-04 and 2004-05 on three grounds: (1) the CIT(A) did not adjudicate 'taxability of capital gain in the year of account' and the Tribunal erred in admitting that issue instead of remanding; (2) the assessee had 'on its own admitted capital gains' in returns and only contested the adoption of guideline value as FMV (Rs.85/sq.ft.), not taxability; (3) the undivided share of land was transferred in March 2003 though development agreement dated FY 2000-01, so capital gains were assessed in AY 2003-04. The Tribunal held the petitions amounted to a request to 'rewrite the order by way of review which is not permissible u/s 254(2) of the Act.' On that basis the petitions were found without merit and 'stand dismissed.'