Sec. 254 of Income Tax Act, 1961— Rectification of mistake— Assessee had filed two appeals before the Tribunal, one for the assessment year 2006-07 and other for the assessment year 2003-04. For both the assessment years 2006-07 and 2003-04 the appeals were registered.  The CIT(A) erred in upholding legal validity of the reassessment proceedings. Appellant submits that the proceedings initiated u/s.147 of the Act was bad in law and illegal, therefore, prays that the assessment order dated 26.12.2008 passed u/s. 143(3) r/w. Section 147 of the Act to be quashed. The CIT (A) erred in confirming the addition made by the Ld. AO on account of conversion by the appellant of the shares held as stock-in-trade into investments on 1.4.2002. The assessee and revenue both filed appeals before the tribunals for the assessment year 2006-07. The three appeals were heard together by the Tribunal and disposed of by the order dated 30.05.2018.
The appeal preferred by the Revenue for the assessment year 2006-07 was dismissed. Court find that while passing the order dated 30.05.2018, Tribunal had dismissed the appeal of the assessee for the assessment year 2006-07 along with the appeal of the revenue for the same assessment year. There was omission to deal with the appeal of the assessee for the assessment year 2003-04. Writ petition was filed. Court interfere with the impugned order dated 12.04.2019 passed by the Tribunal to the effect that order dated 30.05.2018 would stand recalled qua both the grounds for assessment year 2003-04 and held that Tribunal shall now hear the aforesaid appeal  in accordance with law. Writ petition was accordingly allowed. --- SUPERIOR FINANCIAL CONSULTANCY SERVICES LTD. vs. Asstt. CIT. [2020] 23 ITCD Online 27 (BOM)