2023 (7) TMI 1659

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....ordinate Bench on 20th June, 2022, is stated to be suffering from mistake apparent. 02. The Miscellaneous Applications filed by the assessee states that; i. The co-ordinate Bench has held that assessee has acquired shares of RRS Minerals Resources Pvt. Ltd. vide agreement dated 14th October, 2009 and since the shares do not appear in the definition of intangible assets, the learned Assessing Officer is justified in rejecting the claim of depreciation. It was contended that while holding so, the ITAT has not considered several clauses of agreement dated 14th October, 2009, which clearly provides that the assessee has not acquired only the share but also the rights of buying and selling in respect of Iron Ore / fines extracted out....

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.... Vs. ACIT (2011) 137 TTJ (Mumbai) 424 and 133 ITR 145 in case of Shri Adhikari Brothers Television Network Limited vs. ITO, wherein on identical facts and circumstances the co-ordinate Bench in paragraph no.23, wherein the purchases of shares were held to be depreciable assets and the Tribunal held that on the cost of purchase of shares the assessee is to be entitled for depreciation. Thereon as the shares are capable with of their right to occupy the property. In the present case, shares are coupled with the right of mining and extraction. Therefore, not considering the decision of the co-ordinate Bench makes the order suffering from above mistake. vi. The learned Authorized Representative vehemently supported all the above conten....

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....ake apparent from the record. It is also an established judicial precedents that in the garb of rectification of the mistake, the parties cannot ask for the review of the decision. 04. On carefully considering the decision of the co-ordinate Bench, we find that at paragraph no.11, the learned Authorized Representative has categorically argued that the agreement dated 14th October, 2009, has been covered by the shares of RRS Minerals Resources Pvt. Ltd. were not acquired and such acquisition of shares has underlying asset of commercial rights over the extraction of Iron Ore / fines and therefore, by acquisition of the shares, the assessee has acquired intangible assets in the projects of right of extraction of Iron and Ore. After recordin....