https://www.taxtmi.com/caselaws?id=10575 The High Court dismissed the application under section 254(2) of the Income-tax Act, 1961, ruling that the Tribunal lacked the power to review its own order. The court held that the Tribunal's decision to disallow interest was valid and not based on any apparent error, emphasizing that the Tribunal's authority is limited to rectification under section 254(2), not review. Citing legal precedents, the court concluded that statutory authorities, including the Tribunal, do not possess inherent review powers unless specifically conferred by law. The court ruled in favor of the Revenue, denying the applicant's request for rectification. en-us Tue, 30 Nov 2004 00:00:00 +0530 Sat, 18 Jul 2009 08:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10575 The High Court dismissed the application under section 254(2) of the Income-tax Act, 1961, ruling that the Tribunal lacked the power to review its own order. The court held that the Tribunal's decision to disallow interest was valid and not based on any apparent error, emphasizing that the Tribunal's authority is limited to rectification under section 254(2), not review. Citing legal precedents, the court concluded that statutory authorities, including the Tribunal, do not possess inherent review powers unless specifically conferred by law. The court ruled in favor of the Revenue, denying the applicant's request for rectification. Case-Laws Income Tax Tue, 30 Nov 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10575