D.b.income Tax Appeal v. Commissioner Of Income Tax, Alwar

HIGH COURT OF JUDICATURE FOR RAJASTHAN BENCH ATJAIPUR D.B.INCOME TAX APPEAL No. 80/2006 Indian Shaving Product Ltd. Industrial Area, Bhiwadi, Alwar now known as Gillette India Limited through its authorized signatory Mr. Prashant Bhatnagar Taxation Manager, aged about 38 years, Global Business Park-Tower ‘A’ Mehrauli- Gurgoan Road, Gurgaon-122002 (Haryana). ----Appellant Versus Commissioner of Income Tax, Alwar. ----Respondent _____________________________________________________ For Appellant(s) :Mr. Sanjay Jhanwar. For Respondent(s) :Mrs. Parinitoo Jain. _____________________________________________________ HON'BLE MR. JUSTICE K.S. JHAVERI HON'BLE MR. JUSTICE VINIT KUMAR MATHUR Judgment Per Hon’ble Jhaveri J. 10/01/2017 1. By way of this appeal, the appellant has challenged thejudgment and order of the Tribunal whereby the Tribunal hasdismissed the appeal filed by the assessee. 2.This Court while admitting the appeal on 23.08.2007, hasframed the following substantial question of law: “When the Appellant’s claim based on re-statement of foreign exchange liability onthe Balance Sheet dated on accrual basiswas Rs.7,36,22,009/- as against thetreatment in books of account were anamount of Rs.2,88,91,067/- being 1/4th oftotal loss was charged off during the year,whether allowing the appellant’s claim ofRs.7,36,22,009/- by the first appellateauthority vide order u/s 250 dated28.08.1995 after elaborate discussion canbe treated a typographical mistakerectifiable u/s 154?” 3.Counsel for the appellant has contended that the issue is squarely covered by the decision of Supreme Court in the case ofKedarnath Jute Mfg. Co. Ltd. vs. Commissioner of IncomeTax (1971) 82 ITR 0363. 4.Taking into consideration the decision of the Supreme Court,we are of the opinion that the issue is required to be answered infavour of the assessee. Therefore, we remit the matter back tothe AO who will consider the aforesaid decision of the SupremeCourt and decide the matter afresh. 5.The appeal stands disposed of. (VINIT KUMAR MATHUR)J. (K.S. JHAVERI)J. Asheesh kr.Yadav/82