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of <h1>DRP instructed to decide Rule 13 application on rectifying directions about invocation and amendment of s.56(2)(vii)(b) within six months</h1> <h3>Ravi Ramakrishnan, Versus International Tax Ward 4 (1) (1), Mumbai</h3> ITAT, Mumbai directed the Dispute Resolution Panel to decide an application under Rule 13 for rectification of its directions concerning invocation of ... Application before the Dispute Resolution Panel(DRP) under Rule 13 of Income Tax (Dispute Resolution Panel) Rules, 2009 for rectification of the Directions - DRP confirming the variation proposed by the Ld. AO u/s 56(2)(vii)(b) of the Act as income from other sources and has also erred in invoking the amended provisions of section 56(2)(vii)(b)(ii) for years prior to AY 2014-15. HELD THAT:- The assessee has placed on record copy of application dated 23/12/2022 filed under Rule 13 of Income Tax (Dispute Resolution Panel) Rules, 2009 for rectification of DRP directions. We deem it appropriate to dispose of the appeal with a direction to the DRP to decide the aforesaid application, in accordance with law. The DRP shall decide the said application expeditiously, preferably within a period of six months from the date of receipt of this order. The appeal of the assessee is allowed for statistical purpose in the terms aforesaid directions. Assessee appealed assessment order passed u/s. 147 r.w.s. 144C(13) for AY 2014-15, raising grounds that the DRP (i) 'erred in completely ignoring and not considering the Appellant's submissions' dated 7, 10 and 13 December 2022 and thereby 'erred in not providing an opportunity of being heard'; (ii) incorrectly confirmed a variation of Rs.45,62,270 as income from other sources under section 56(2)(vii)(b) and 'erred in invoking the amended provisions of section 56(2)(vii)(b)(ii) of the Act for years prior to AY 2014-15'; and (iii) 'completely ignor[ed] and not consider[ed] the submissions' seeking corresponding relief in capital gains under section 49(4). A rectification application dated 23/12/2022 under Rule 13 of the Income Tax (Dispute Resolution Panel) Rules, 2009 was placed on record. The Tribunal disposed the appeal by directing the DRP to decide the Rule 13 rectification application 'in accordance with law,' 'expeditiously, preferably within a period of six months from the date of receipt of this order.' The appeal was allowed for statistical purposes.
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