SQUARE FOUR ASSETS MANAGEMENT AND RECONSTRUCTION COMPANY PVT. LTD.,KOLKATA vs. DCIT, CEN. CIR. -2(3) , KOLKATA

ITSSA 16/KOL/2022Status: DisposedITAT Kolkata18 July 2023AY 2012-132 pages

AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal held that there was indeed a typographical error in its previous order dated May 24, 2023. The error was in mentioning "residential premises of Padam Kumar Jain and group companies" when it should have stated "residential premises of Shri Ganesh Kumar Singhania and group companies". The Tribunal, accepting the submission made by the assessee's authorized representative, directed that the order be corrected. The reasoning was based on rectifying a factual inaccuracy that had inadvertently crept into the original judgment. The operative direction was to amend the specific wording in paragraph 7 of the order dated May 24, 2023. No other issues were decided or left undecided.

What were the facts?

This judgment concerns an appeal filed by Square Four Assets Management And Reconstruction Company Pvt. Limited (the assessee) against an order of the Deputy Commissioner of Income Tax, Central Circle-2(3), Kolkata (the revenue). The assessment year in question is 2012-2013. The appeal was filed before the Income Tax Appellate Tribunal, Kolkata Bench. The judgment itself is a corrigendum to a previous order dated May 24, 2023. The corrigendum addresses a typographical error in the original order, specifically in paragraph 7, line 4. The error involved the incorrect mention of "residential premises of Padam Kumar Jain and group companies" instead of the correct phrase, "residential premises of Shri Ganesh Kumar Singhania and group companies". The rectification was made based on a letter received from the assessee's authorized representative.

What were the issues?

The Tribunal had to decide on a correction to its previous order. The specific issue was whether a typographical error in the Tribunal's order dated May 24, 2023, regarding the "residential premises of Padam Kumar Jain and group companies" should be rectified to read "residential premises of Shri Ganesh Kumar Singhania and group companies". Assessee's Contention: The assessee, through its authorized representative, pointed out the typographical error and requested the correction. The assessee relied on the fact that the original order contained an incorrect name, which needed to be amended for accuracy. Revenue's Contention: The judgment does not record any specific contention from the revenue regarding this correction. It appears the revenue did not oppose the rectification of the typographical error.

AI-generated summary — verify with the full judgment below

IT(SS)A No. 16/KOL/2022 Square Four Assets Management And Reconstruction Company Pvt. Limited IN THE INCOME TAX APPELLATE TRIBUNAL, ‘B’ BENCH, KOLKATA Before Shri Rajpal Yadav, Vice-President (KZ) & Shri Rajesh Kumar,Accountant Member I.T.(SS)A. No. 16/KOL/2022 Assessment Year: 2012-2013 Square Four Assets Management And Reconstruction Company Pvt. Limited,........Appellant 238A, A.J.C. Bose Road, Kolkata-700020 [PAN:AAFCA5966P] -Vs.- Deputy Commissioner of Income Tax,........Respondent Central Circle-2(3), Kolkata, Aayakar Bhawan Poorva, 110, Shantipally, Kolkata-700107

CORRIGENDUM Per Rajesh Kumar, Accountant Member:- As pointed out by Shri Miraj D Shah, ld. Authorized Representative for the appellant-assessee vide letter dated ‘nil’ received on 13th June, 2023, that there is a typographical error in the order of the Tribunal dated 24th May, 2023 passed in IT(SS)A No. 16/KOL/2022 for A.Y. 2012-13 on page no. 16 in para no. 7, in the 4th line of the para mentioning “residential premises of Padam Kumar Jain and group companies” in place of “residential premises of Shri Ganesh Kumar Singhania and group companies”. The same is accordingly rectified 1

IT(SS)A No. 16/KOL/2022 Square Four Assets Management And Reconstruction Company Pvt. Limited and it is directed that the correct wordings in the order of the Tribunal dated 24th May, 2023 be read “residential premises of Shri Ganesh Kumar Singhania and group companies” in place of “residential premises of Padam Kumar Jain and group companies”.

Sd/- Sd/- (Rajpal Yadav) (Rajesh Kumar) Vice-President(KZ) Accountant Member Kolkata, 18th day of July, 2023 Copies to :(1) Square Four Assets Management And Reconstruction Company Pvt. Limited, 238A, A.J.C. Bose Road, Kolkata-700020 (2) Deputy Commissioner of Income Tax, Central Circle-2(3), Kolkata, Aayakar Bhawan Poorva, 110, Shantipally, Kolkata-700107 (3) Commissioner of Income Tax (Appeals)-, Kolkata; (4) Commissioner of Income Tax-; (5) The Departmental Representative (6) Guard File TRUE COPY By order Assistant Registrar, Income Tax Appellate Tribunal, Kolkata Benches, Kolkata Laha/Sr. P.S.

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