TaxTMI 
TaxTMI 
2022 (6) TMI 1391
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....y stated the relevant facts are that the assessee is an individual engaged in the business of Real Estate Development and Construction of residential as well as commercial projects. The assessee filed the return of income on 31.08.2014 declaring total income of Rs.10,44,53,300/-. During the year under consideration, the assessee also had income from house property, income from business and income from other sources. The case was selected for scrutiny. The Assessing Officer made disallowance (1) on account of application of section 14A of the Income tax Act, 1961 (hereinafter referred to as "the Act") read with Rule 8D(2)(iii) of the Income-tax Rules, 1962 (hereinafter referred to as "the Rules") and (2) charged interest u/s 234A and 234B of....
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....97/-. The assessee is aggrieved by the confirmation as well as enhancement of the addition. 8. Having heard both the sides and gone through the relevant material on record, we find that this issue is similar to that of A.Y. 2010-11 which has been determined hereinabove. It is observed that out of the expenses claimed to have been incurred by the assessee exclusively for taxable income, there is an item of common expense, which is Professional fee of Rs.58,521/-. Following our above decision for earlier year, we direct to delete the enhancement of disallowance made by the ld. CIT(A). At the same time, the disallowance is restricted to common expenses incurred by the assessee at Rs.71,818 (namely Rs.13,297 + Rs.58,521). This issue is partl....
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....tain amounts of taxes etc. under sub-section (1) to be reduced from the amount of tax on total income determined under regular assessment for the purpose of calculation of interest u/s 234A, but there is no specific mention for the exclusion of the amount of self-assessment tax. It is worthwhile to mention that the Hon'ble Supreme Court in CIT Vs. Pranoy Roy and Another (2009) 309 ITR 239 (SC) has dealt with the chargeability of interest u/s.234A. In that case, the return was due to be filed on 31-10-1995 but the same was actually filed on 29-09-1996, i.e. after a delay of about 11 months. The assessee paid self assessment tax on 25-09-1995, i.e. before the due date of filing return of income u/s.139(1). Relying on the language of the provi....
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....assessment tax was paid before the due date u/s. 139(1). There was no amount of self assessment tax paid after the due date. The Hon'ble Court, therefore, directed to reduce such an amount of self assessment tax in the calculation of interest u/s 234A. It was so decided on the ground that once the amount of self assessment tax was paid, the Revenue could not be considered as deprived of the amount of tax due to it. As interest u/s 234A is compensatory, following the rationale, we hold that the consequence will be no different if the amount of self-assessment tax is also paid after the due date but before the filing of return of income. In such a scenario, the Revenue will stand compensated to the extent of payment of self assessment tax mad....
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.... There is no mistake much less apparent from record. We find that the Revenue has not pointed out any specific mistake apparent in the order of the Tribunal. The Revenue by filing this Misc. application desires this Tribunal to review its own order, which in our considered opinion, the Tribunal does not have any power u/s 254(2) of the Act to review its order. The power vested with the Tribunal relates to the mistake apparent from record only. The Tribunal after considering the grounds raised in the appeal decided the appeal and passed the order. If the Revenue has any grievance against the order of the Tribunal, the Revenue can go before the Hon'ble High Court by filing appeal u/s 260A of the Act. The Tribunal cannot review its own order i....
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....n motion or on an application by a party under s. 254(2) of the Act; (b) An order on appeal would consist of an order made under s. 254(1) of the Act or it could be an order made under sub-section (1) as amended by an order under sub-s. (2) of s. 254 of the Act; (c) The power of rectification is to be exercised to remove an error or correct a mistake and not for disturbing finality, the fundamental principle being that power of rectification is for justice and fair play; (d) That power of rectification can be exercised even if a mistake is committed by the Tribunal or even if a mistake has occurred at the instance of party to the appeal; (e) A mistake apparent from record should be self-evident, should not be a debatable issue, ....