LATE SHRI HARSHAD S. MEHTA,MUMBAI vs. DCIT CEN CIR 4(1), MUMBAI

During the course of hearing Department’s appeal in the case of Ashwin Mehta for AY 1993-94 in today i.e. 07.05.2019, the learned Sr. Standing Counsel, Shri P. Daniel, informed the Bench that there is mistake crept in the order of Tribunal i.e. common order of Harshad S Mehta, Ashwin Mehta, Jyoti Mehta dated 14.01.2019. The learned Sr. Standing Counsel particularly referred to assessee’s appeal in the case of Ashwin Mehta in ITA No. 6120/Mum/2017 wherein Tribunal has observed that the Revenue’s appeal is being disposed off, whereas Revenue’s appeal was not before the Bench for hearing at that point of time. Hence, he referred to page 292 of the Tribunal’s order dated 14.01.2019 at Para 66 and 66.1, wherein mistakes have crept in. The relevant Paras 66 & 66.1 are now being rectified and may be read as under: - “66. The next issue in this of assessee is as regards to the addition on account of share market oversold position of Rs. 3,48,74,591/-. For this, assessee has raised following ground No. 5: -

5. On the facts and in the circumstances of the case and in law, the Hon'ble CIT(A) has erred in not allowing entire relief sought by the Appellant in relation to Share Market oversold position.

The Appellant prays that the learned AO be directed to delete the entire addition on account of Share Market oversold position.”