https://www.taxtmi.com/caselaws?id=2049 The Income-tax Appellate Tribunal exceeded its jurisdiction by revising its own order under section 254(2) of the Income-tax Act, 1961, regarding the valuation of closing stock of free sugar. The High Court held that the Tribunal's rectification was a review of its earlier order, not permissible under the statute. Additionally, the Tribunal's decision to value the closing stock of free sugar at two different rates was deemed incorrect, as it violated established principles and could lead to misleading financial outcomes. Both issues were decided in favor of the Revenue against the assessee, with no costs awarded. en-us Mon, 30 Oct 2006 00:00:00 +0530 Sat, 02 Aug 2008 11:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=2049 The Income-tax Appellate Tribunal exceeded its jurisdiction by revising its own order under section 254(2) of the Income-tax Act, 1961, regarding the valuation of closing stock of free sugar. The High Court held that the Tribunal's rectification was a review of its earlier order, not permissible under the statute. Additionally, the Tribunal's decision to value the closing stock of free sugar at two different rates was deemed incorrect, as it violated established principles and could lead to misleading financial outcomes. Both issues were decided in favor of the Revenue against the assessee, with no costs awarded. Case-Laws Income Tax Mon, 30 Oct 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=2049