https://www.taxtmi.com/caselaws?id=264431 The Tribunal acknowledged errors in its previous order, including the failure to address core arguments on the definition of "Keyman Insurance Policy" and improper reliance on IRDA circulars. The Tribunal recalled the order for fresh adjudication, emphasizing the need for proper consideration of the role of IRDA circulars in defining such policies under the Income Tax Act. It was affirmed that the Tribunal has the power under section 254(2) to rectify mistakes apparent from the record, even if the order is under appeal, to ensure fairness and accuracy in legal proceedings. en-us Mon, 31 Aug 2015 00:00:00 +0530 Wed, 23 Sep 2015 13:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264431 The Tribunal acknowledged errors in its previous order, including the failure to address core arguments on the definition of "Keyman Insurance Policy" and improper reliance on IRDA circulars. The Tribunal recalled the order for fresh adjudication, emphasizing the need for proper consideration of the role of IRDA circulars in defining such policies under the Income Tax Act. It was affirmed that the Tribunal has the power under section 254(2) to rectify mistakes apparent from the record, even if the order is under appeal, to ensure fairness and accuracy in legal proceedings. Case-Laws Income Tax Mon, 31 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264431