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| The Tax Publishers2020 TaxPub(DT) 1074 (Mum-Trib) INCOME TAX ACT, 1961
Section 254
Since Tribunal merely followed consistent view taken by Tribunal in earlier years and restored matter back for fresh adjudication to AO on identical lines, thus, miscellaneous application of assessee seeking rectification of mistake, was dismissed.
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Appeal (Tribunal) - Rectification of mistake - Tribunal merely followed consistent view taken by Tribunal in earlier years and restored matter back for fresh adjudication to AO -
Issue arose as regards disallowance of Lease equalization reserve, on reasoning that it is not a prescribed expenditure under sections 30 to 37. Held: As evident from order, Tribunal merely followed consistent view taken by Tribunal in earlier years and restored matter back for fresh adjudication to AO on identical lines. It was also observed that binding decision of Delhi High Court in Virtual Soft Systems Ltd. [(2012) 341 ITR 593 (Del) : 2012 TaxPub(DT) 0921 (Del-HC)] and Prakash Leasing Ltd. [2012 TaxPub(DT) 2122 (Karn-HC)] was much available at the time of aforesaid adjudication by Tribunal [2015 TaxPub(DT) 4980 (Mum-Trib)] and Supreme Court has approved the same [(2018) 92 Taxmann.com 370 (SC) : 2018 TaxPub(DT) 1996 (SC)] subsequent to adjudication by Tribunal. Therefore, plea as urged by the assessee in miscellaneous application, could not be accepted.
REFERRED :
FAVOUR : Against the assessee
A.Y. :
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