Tribunal denies rectification request, upholds income assessment over capital gain.

The Tribunal dismissed the applicant's miscellaneous application seeking rectification under section 254(2) of the Act, upholding the original order assessing the amount under income from business instead of capital gain. The Tribunal found the applicant's request amounted to impermissible review of its order and denied the rectification. The Departmental Representative's support for the Tribunal's decision was considered, leading to the rejection of the application.

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Issues:
1. Appeal against order of Tribunal in ITA No. 1519/PN/2008 under section 254(2) of the Act.

Analysis:
The applicant filed a miscellaneous application against the Tribunal's order regarding the assessability of an amount under the head income from business instead of capital gain. The applicant argued that the amount should be assessed as capital gain, citing various decisions of co-ordinate Benches of the Tribunal in their favor. The applicant claimed that the Tribunal's decision contained a mistake apparent from the record and sought rectification under section 254(2) of the Act. The Departmental Representative (DR) supported the Tribunal's order, contending that accepting the applicant's position would amount to impermissible review of the Tribunal's order.

Upon reviewing the submissions and evidence, the Tribunal found that the case did not warrant invoking the provisions of section 254(2) of the Act. The Tribunal observed that the applicant's request essentially sought a review of the Tribunal's order under the guise of rectification, which is not allowed under the law. Consequently, the Tribunal rejected the miscellaneous application filed by the assessee. The Tribunal dismissed the application, upholding the original order regarding the assessability of the amount under the head income from business. The order was pronounced in open court on 27th July 2011.

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