https://www.taxtmi.com/caselaws?id=220156 The Appellate Tribunal, in a case concerning the valuation of stock-in-trade for the assessment year 2005-06, rejected the appellant's request for rectification of its order. The Tribunal held that the appellant's arguments based on precedents from the Supreme Court and High Court were not valid under Section 254(2) of the Income Tax Act. It emphasized that the power to rectify a mistake under this section was limited to correcting errors apparent from the record and did not extend to reconsidering the entire case on merit. The Tribunal dismissed the appellant's Miscellaneous Application, stating that there was no mistake apparent on record. en-us Fri, 16 Nov 2012 00:00:00 +0530 Sat, 12 Jan 2013 12:06:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220156 The Appellate Tribunal, in a case concerning the valuation of stock-in-trade for the assessment year 2005-06, rejected the appellant's request for rectification of its order. The Tribunal held that the appellant's arguments based on precedents from the Supreme Court and High Court were not valid under Section 254(2) of the Income Tax Act. It emphasized that the power to rectify a mistake under this section was limited to correcting errors apparent from the record and did not extend to reconsidering the entire case on merit. The Tribunal dismissed the appellant's Miscellaneous Application, stating that there was no mistake apparent on record. Case-Laws Income Tax Fri, 16 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220156