https://www.taxtmi.com/caselaws?id=119583 The Tribunal rejected the assessee's application for rectification under section 254(2) of the Income-tax Act, emphasizing that the section is limited to rectifying apparent mistakes and not reviewing decisions. The Tribunal deleted additions for under-stated turnover and gross profit rate but restored an addition for a discrepancy in closing stock valuation. Despite the assessee's arguments regarding factual errors and case law citations, the Tribunal held that the omissions did not constitute rectifiable mistakes. The Tribunal's decision was based on the lack of evidence from the assessee to dispute the stock valuation, leading to the rejection of the rectification application. en-us Wed, 28 Feb 2007 00:00:00 +0530 Wed, 11 Jul 2012 18:50:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119583 The Tribunal rejected the assessee's application for rectification under section 254(2) of the Income-tax Act, emphasizing that the section is limited to rectifying apparent mistakes and not reviewing decisions. The Tribunal deleted additions for under-stated turnover and gross profit rate but restored an addition for a discrepancy in closing stock valuation. Despite the assessee's arguments regarding factual errors and case law citations, the Tribunal held that the omissions did not constitute rectifiable mistakes. The Tribunal's decision was based on the lack of evidence from the assessee to dispute the stock valuation, leading to the rejection of the rectification application. Case-Laws Income Tax Wed, 28 Feb 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119583