w w w . L a w y e r S e r v i c e s . i n



Piramal Investment Opportunities Fund, through its trustees Vistra ITCL India Limited v/s Assistant Commissioner of Income Tax-21(2) & Others


Company & Directors' Information:- P V T INVESTMENT LIMITED [Amalgamated] CIN = U74899DL1988PLC121600

Company & Directors' Information:- P V T INVESTMENT LTD [Not available for efiling] CIN = U67120PB1988PLC008068

Company & Directors' Information:- S T INVESTMENT PRIVATE LIMITED [Amalgamated] CIN = U65993WB1990PTC050032

Company & Directors' Information:- VISTRA ITCL (INDIA) LIMITED [Active] CIN = U66020MH1995PLC095507

Company & Directors' Information:- H. L. INVESTMENT COMPANY LIMITED [Amalgamated] CIN = U65990WB1975PLC128186

Company & Directors' Information:- M M INVESTMENT PRIVATE LIMITED [Converted to LLP] CIN = U65921CT2008PTC020533

Company & Directors' Information:- G. N. G. INVESTMENT LIMITED [Active] CIN = U65910GJ1981PLC004128

Company & Directors' Information:- A S G S INVESTMENT PRIVATE LIMITED [Active] CIN = U74120DL2008PTC173938

Company & Directors' Information:- A. S. INDIA LIMITED [Active] CIN = U70100MP2009PLC022300

Company & Directors' Information:- G L INVESTMENT PVT LTD [Active] CIN = U65993WB1991PTC051072

Company & Directors' Information:- C & C INVESTMENT LTD [Active] CIN = U67120AS1976PLC001654

Company & Directors' Information:- S M S INVESTMENT CORPORATION PRIVATE LIMITED [Active] CIN = U74899DL1963PTC003988

Company & Directors' Information:- V R V INVESTMENT PRIVATE LIMITED [Active] CIN = U67120WB1985PTC039793

Company & Directors' Information:- S P INVESTMENT PVT LTD [Active] CIN = U70109WB1961PTC025099

Company & Directors' Information:- R H INVESTMENT PRIVATE LIMITED [Active] CIN = U99999MH1978PTC020633

Company & Directors' Information:- T N B INVESTMENT PRIVATE LIMITED [Active] CIN = U74899DL1986PTC025590

Company & Directors' Information:- A R S INVESTMENT PVT LTD [Active] CIN = U65993WB1990PTC048513

Company & Directors' Information:- V P INVESTMENT PRIVATE LIMITED [Active] CIN = U74899DL1983PTC015714

Company & Directors' Information:- THE INDIA COMPANY PRIVATE LIMITED [Active] CIN = U74999TN1919PTC000911

Company & Directors' Information:- S M D INVESTMENT LIMITED [Strike Off] CIN = U65993TN1995PLC033139

Company & Directors' Information:- G R D INVESTMENT PVT LTD [Amalgamated] CIN = U67120WB1980PTC032727

Company & Directors' Information:- C AND N INVESTMENT PRIVATE LIMITED [Active] CIN = U74899DL1983PTC015710

Company & Directors' Information:- R INVESTMENT PRIVATE LIMITED [Strike Off] CIN = U65993TZ1988PTC002181

Company & Directors' Information:- H N G L INVESTMENT PRIVATE LIMITED [Active] CIN = U74899DL1995PTC066774

Company & Directors' Information:- K M S INVESTMENT PRIVATE LIMITED [Active] CIN = U67120UP1993PTC015287

Company & Directors' Information:- U M INVESTMENT PVT LTD [Active] CIN = U70101WB1979PTC032160

Company & Directors' Information:- A S T INVESTMENT PRIVATE LIMITED [Strike Off] CIN = U67120DL1996PTC082812

Company & Directors' Information:- B N E INVESTMENT LTD [Not available for efiling] CIN = U67120WB1974PLC029360

Company & Directors' Information:- K S J INVESTMENT COMPANY PRIVATE LIMITED [Strike Off] CIN = U74899DL1994PTC061335

Company & Directors' Information:- P T INVESTMENT PVT LTD [Strike Off] CIN = U65999WB1995PTC067065

Company & Directors' Information:- K. S. R. INVESTMENT LIMITED [Strike Off] CIN = U65992UP1988PLC010253

Company & Directors' Information:- INDIA CORPORATION PRIVATE LIMITED [Active] CIN = U65990MH1941PTC003461

Company & Directors' Information:- J T INVESTMENT PVT LTD [Strike Off] CIN = U65923WB1979PTC032344

Company & Directors' Information:- R K INVESTMENT LTD [Strike Off] CIN = U65993WB1969PLC027398

Company & Directors' Information:- N M G C INVESTMENT PRIVATE LIMITED [Strike Off] CIN = U74899DL1982PTC014603

Company & Directors' Information:- T M INVESTMENT CO PVT LTD [Active] CIN = U67120WB1971PTC028172

Company & Directors' Information:- S. A. F. INVESTMENT LIMITED [Active] CIN = U67120DL1997PLC088611

Company & Directors' Information:- H K (INVESTMENT) COMPANY PRIVATE LIMITED [Active] CIN = U65990GJ1950PTC000511

Company & Directors' Information:- P N INVESTMENT PRIVATE LIMITED [Under Liquidation] CIN = U65910GJ1988PTC010715

Company & Directors' Information:- INVESTMENT CORPORATION LIMITED [Under Liquidation] CIN = U65993KL1942PLC000449

Company & Directors' Information:- S R M INVESTMENT PVT LTD [Strike Off] CIN = U67120WB1979PTC031888

Company & Directors' Information:- A TO Z INVESTMENT PVT LTD [Dissolved] CIN = U67120WB1988PTC044464

Company & Directors' Information:- R J INVESTMENT PRIVATE LIMITED [Active] CIN = U67120MH1976PTC018954

Company & Directors' Information:- B N K INVESTMENT CO PVT LTD [Active] CIN = U65993WB1971PTC028169

Company & Directors' Information:- A D INVESTMENT CO PVT LTD [Active] CIN = U67120WB1971PTC028170

Company & Directors' Information:- T D INVESTMENT CO PVT LTD [Strike Off] CIN = U65921CH1987PTC007637

Company & Directors' Information:- C G K INVESTMENT P LTD [Strike Off] CIN = U65910AP1986PTC006088

Company & Directors' Information:- L D INVESTMENT COMPANY PVT LTD [Strike Off] CIN = U65921HP1988PTC008425

Company & Directors' Information:- G K INVESTMENT PRIVATE LIMITED [Active] CIN = U65993TZ1987PTC001919

Company & Directors' Information:- G V INVESTMENT PRIVATE LIMITED [Active] CIN = U65993TZ1987PTC001920

Company & Directors' Information:- B C K H INVESTMENT CO PVT LTD [Active] CIN = U67120MH1982PTC026819

Company & Directors' Information:- H V INVESTMENT PRIVATE LIMITED [Active] CIN = U67120MH1997PTC107686

Company & Directors' Information:- E AND E INVESTMENT OPPORTUNITIES PRIVATE LIMITED [Active] CIN = U65100MH2015PTC264176

Company & Directors' Information:- M L INVESTMENT PVT LTD [Strike Off] CIN = U67120WB1979PTC032180

Company & Directors' Information:- S & G INVESTMENT COMPANY PRIVATE LIMITED [Active] CIN = U65100DL2012PTC244271

Company & Directors' Information:- S B INVESTMENT PVT LTD [Liquidated] CIN = U99999RJ1959PTC001090

Company & Directors' Information:- R AND P INVESTMENT PVT LTD [Strike Off] CIN = U67120PB1995PTC016124

Company & Directors' Information:- M M B INVESTMENT PRIVATE LIMITED [Active] CIN = U65993RJ1996PTC012698

Company & Directors' Information:- M G A INVESTMENT COMPANY PRIVATE LIMITED [Strike Off] CIN = U99999MH1980PTC022406

Company & Directors' Information:- D S N INVESTMENT PVT LTD [Strike Off] CIN = U65993TG1988PTC008554

Company & Directors' Information:- V. I INVESTMENT PVT LTD [Strike Off] CIN = U67120HR1988PTC030206

Company & Directors' Information:- R J P INVESTMENT PRIVATE LIMITED [Strike Off] CIN = U65993GJ1981PTC004678

Company & Directors' Information:- D D P INVESTMENT PRIVATE LIMITED [Strike Off] CIN = U65910GJ1981PTC004695

Company & Directors' Information:- C J P INVESTMENT PVT LTD [Strike Off] CIN = U99999GJ1981PTC004662

Company & Directors' Information:- M P INVESTMENT CO PRIVATE LIMITED [Under Process of Striking Off] CIN = U65993KA1974PTC002646

Company & Directors' Information:- INVESTMENT COMPANY PRIVATE LIMITED [Dissolved] CIN = U65990KL1946PTC000461

Company & Directors' Information:- TRUSTEES CORPORATION (INDIA) LIMITED [Dissolved] CIN = U99999MH1920PTC000691

Company & Directors' Information:- INVESTMENT CORPORATION LIMITED [Not available for efiling] CIN = U99999MH1943PLC007730

Company & Directors' Information:- PIRAMAL AND COMPANY LIMITED [Under Liquidation] CIN = U99999MH1953PLC009196

    Writ Petition No. 2237 of 2019

    Decided On, 04 September 2019

    At, High Court of Judicature at Bombay

    By, THE HONOURABLE MR. JUSTICE M.S. SANKLECHA & THE HONOURABLE MR. JUSTICE NITIN JAMDAR

    For the Petitioner: Madhur Agarwal a/w Atul Jasani, Advocates. For the Respondents: Sham Walve, Advocate.



Judgment Text

Nitin Jamdar, J.

1. Rule. Rule is made returnable forthwith. Taken up for final disposal.

2. The Petitioner had filed an application for rectification of the Income tax assessment order. Assistant Commissioner rejected it by the impugned order. The Commissioner held that since the Petitioner had filed an statutory appeal, it would not be proper to decide the rectification application.

3. The Petitioner is an investment fund. The Petitioner had filed its return of income for the Assessment Year 2015-16 on 8 October 2015. Petitioner had disclosed total income of Rs.65,65,84,797 being interest income earned on its investment. Petitioner paid Advance Tax of Rs.16,80,00,000/-. Petitioner’s case was selected for scrutiny assessment vide notice dated 28 July 2016. Petitioner filed its reply to the notice. Petitioner filed a revised return of income disclosing Nil income for the Assessment Year 2015-16. The scrutiny assessment was completed by the Assistant Commissioner of Income Tax, Mumbai. The Assessment order was passed on 30 December 2017. The Petitioner filed an appeal before the Commissioner of Income Tax (Appeals) on the ground that the Assessing Officer did not give credit of advance tax on Rs.16,80,00,000/-.

4. The Petitioner also made an application on 8 January 2018 under section 154 of the Income Tax Act to the Assistant Commissioner for rectification. The Petitioner stated that by a mistake apparent on record, the credit of payment of advance tax of Rs.16,80,00,000/- has not been given and Petitioner is entitled to a refund. The Assistant Commissioner accordingly rejected the rectification application by the impugned order dated 13 June 2019.

5. In the impugned order the Additional Commissioner commented that the Petitioner did not inform an appeal is filed on the same issue for which rectification was sought. The Commissioner stated that there could be a merit in the case, but the discussion is restricted to Section 154 of the Act. He opined that since the Petitioner is agitating on similar ground before the appellate authority it is not proper on the part of the Assistant Commissioner, following the doctrine of judicial discipline, to adjudicate on the same issue pending before the appellate authority. The Assistant Commissioner, observed that rectification application assumes character of a matter being sub-judice, it needs to be dismissed. Being aggrieved, the Petitioner has filed the present Petition.

6. We have heard Mr.Madhur Agarwal, learned counsel appearing for the Petitioner and Mr.Sham Walve, learned counsel appearing on behalf of Respondents.

7. The relevant provisions of the Section 154 read thus:

‘154.[(1) With a view to rectifying any mistake apparent from the record an income-tax authority referred to in section 116 may, -

(a) amend any order passed by it under the provisions of this Act;

[(b) amend any intimation or deemed intimation under sub-section (1) of section 143; ]]

[(c) amend any intimation under sub-section (1) of section 200A;]

[(d) amend any intimation under sub-section (1) of section 206CB.]

[(1A) Where any matter has been considered and decided in any proceeding by way of appeal or revision relating to an order referred to in sub-section(1), the authority passing such order may, notwithstanding anything contained in any law for the time being in force, amend the order under that sub-section in relation to any matter other the matter which has been so considered and decided.]

(2) Subject to the other provisions of this section, the authority concerned –

(a) may make an amendment under sub-section (1) of its own motion, and

(b) shall make such amendment for rectifying any such mistake which has been brought to its notice by the assessee [or by the deductor] [or by the collector], and where the authority concerned is the [Commissioner (Appeals)], by the [Assessing]Officer also.

(3) ………..

(4) ………..

(5) ………..

(6) ………..

(7) ………...

(8) ………...’

Section 154(1) empowers the Authority to rectify and carry out amendments. The specified Authorities can amend any order passed by it under the provisions of the Act; intimation or deemed intimation specified in section 143(1); any intimation under subsection (1) of section 200A; and any intimation under sub-section (1) of section 206CB. Section 154(2) empowers the Authority to make an amendment on its own motion and to make such amendment for rectifying any such mistake which has been brought to its notice by the assessee, or the other Authorities.

8. Section 154(1A) provides that where if any matter has been considered and decided in any proceeding by way of appeal or revision, contained in any law for the time being in force, such order shall not be amended. Section 154 (1A) thus places an embargo on the power of rectification in the cases where the matter has been considered and decided in appeal or revision. It is of importance that the legislature has used the phrase ‘considered and decided’ in the past tense. The phrase ‘considered and decided’ cannot be read as ‘pending consideration in appeal or revision’. To do so would be adding and changing the plain language of the statute. By modifying and adding the words, in this manner, which is not permissible, the Assistant Commissioner has divested himself of the power of amendment. In view of the plain language of section 154, there is no embargo on the power of amendment if an appeal or revision is merely pending. The rejection of the rectification application on thi

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s ground was unwarranted. We are informed that the Appeal is still pending. The Assistant Commissioner has failed to exercise the jurisdiction vested in him and thus the impugned order will have to be set aside and the application will have to be decided. 9. The Writ Petition succeeds. The impugned order dated 13 June 2019 is quashed and set aside. The rectification application filed by the Petitioner under section 154 of the Income Tax Act, 1961 stands restored to the file of Assistant Commissioner of Income Tax 21(2), Mumbai to be disposed of on its own merits. Rule is made absolute in above terms. No order as to costs.
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