TaxTMI 
TaxTMI 
2025 (8) TMI 535
X X X X Extracts X X X X
X X X X Extracts X X X X
....ncome Tax Act, 1961. 2. CA, A. Srinivas, Learned Counsel for the Assessee has narrated the facts of the case and mistakes stated by the Assessee on record from the common order of the Tribunal dated 22.10.2024 in ITA.No.627/Hyd./2022 for the assessment year 2016-2017. The relevant contents and the grounds taken by the assessee in the M.A. are reproduced as under : 1. I had filed the above appeal before the Hon'ble Tribunal against the order of the Lo CIT(A) Appeals 11. Hyderabad on 11/11/2022 and the same was numbered as ITA No 627/Hy3/2022. 2. The appeal came up for hearing before the Hon'ble Tribunal on 21/10/2024, and the Hon'ble Tribunal vide its order dt.22/10/2024 was pleased to dismiss the appeal. ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....t During the course of assessment proceedings, the learned Assessing Officer determined the short-term capital gains at Rs. 32.14,976/- assuming that the transfer of the property has taken place the moment I had entered into a development agreement. 5. The learned CIT confirmed the order of the Assessing Officer, therefore, I had filed an appeal before the Hon'ble ITAT. Before the Hon'ble ITAT, I had brought to the attention of the Hon'ble Bench, case laws including that of the Supreme Court decision in the case of Mis Sheshasayee Steels Pvt Ltd Vs ACIT 421 ITR 421 (SC). I had along with the other appellants also provided the letter of the HMDA, according to which the technical approval of the project vide letter dt 05.....
X X X X Extracts X X X X
X X X X Extracts X X X X
....n the case of ACIT Vs Saurashtra Kutch Stock Exchange Ltd 2008 305 ITR 227, held that non consideration of a decision of Jurisdictional High Court or Supreme Court can be said to be a mistake apparent from record, which can be rectified u/s 254(2) of the IT Act. Therefore, the Hon'ble Bench is requested to apply the rationale of the Hon'ble Supreme Court in the case of assessee, in respect of taxation of capital gains in the financial year in which the Development Agreement is entered and the Developer has not adhered to the any of the clauses of the Development agreement. 9. As the case laws cited were not distinguished, and the decision based on the said case laws suffers from Infirmity, which is apparent from record, it ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e M.A. filed by the assessee deserves to be dismissed. Learned DR further stated that, the other argument of the Learned Counsel for the Assessee to adjust the tax refund for any other assessment year cannot be considered as the assessment year involved before the Tribunal is assessment year 2016- 2017 and whereas the tax refund/adjustment is for the assessment year 2021-2022. Therefore, the arguments of the assessee cannot be accepted. 4. We have heard both the parties and considered relevant contents of the M.A. filed by the assessee u/sec.254(2) of the Act in light of the common order of the Tribunal dated 22.10.2024 passed in ITA.No.610/Hyd./ 2024 etc., and more particularly, paras 8 to 8.2 where the Tribunal has considered the argum....