https://www.taxtmi.com/caselaws?id=333526 The Tribunal dismissed the Assessing Officer's application for rectification under section 254(2) of the Income Tax Act, upholding its decision that the transaction entered by the assessee was genuine. The Tribunal emphasized the limited scope of rectification under section 254(2) to correct apparent mistakes only, not for reconsidering decisions. Despite arguments regarding non-compliance with requisitioned documents, the Tribunal focused on the transaction's genuineness and legal precedents, ultimately ruling in favor of the assessee and allowing the Department to challenge the decision before the High Court if aggrieved. en-us Fri, 14 Oct 2016 00:00:00 +0530 Mon, 17 Oct 2016 09:37:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333526 The Tribunal dismissed the Assessing Officer's application for rectification under section 254(2) of the Income Tax Act, upholding its decision that the transaction entered by the assessee was genuine. The Tribunal emphasized the limited scope of rectification under section 254(2) to correct apparent mistakes only, not for reconsidering decisions. Despite arguments regarding non-compliance with requisitioned documents, the Tribunal focused on the transaction's genuineness and legal precedents, ultimately ruling in favor of the assessee and allowing the Department to challenge the decision before the High Court if aggrieved. Case-Laws Income Tax Fri, 14 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333526