https://www.taxtmi.com/caselaws?id=61961 The Tribunal allowed the miscellaneous petition seeking rectification of its order under section 254(2) of the Income-tax Act, 1961. The Tribunal's initial decision to levy capital gains tax under section 52(2) was deemed incorrect in light of a subsequent Supreme Court judgment clarifying the application of the section. Despite the revenue's argument on timeliness, the Tribunal granted the rectification, acknowledging the mistake and aligning with the Supreme Court's interpretation. The order was recalled, and the appeal was dismissed to rectify the error in applying section 52(2) of the Income-tax Act, 1961. en-us Fri, 11 Jun 1982 00:00:00 +0530 Mon, 17 Jan 2011 12:55:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61961 The Tribunal allowed the miscellaneous petition seeking rectification of its order under section 254(2) of the Income-tax Act, 1961. The Tribunal's initial decision to levy capital gains tax under section 52(2) was deemed incorrect in light of a subsequent Supreme Court judgment clarifying the application of the section. Despite the revenue's argument on timeliness, the Tribunal granted the rectification, acknowledging the mistake and aligning with the Supreme Court's interpretation. The order was recalled, and the appeal was dismissed to rectify the error in applying section 52(2) of the Income-tax Act, 1961. Case-Laws Income Tax Fri, 11 Jun 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61961