https://www.taxtmi.com/caselaws?id=405577 The High Court upheld the Tribunal's decision to reject a partnership firm's Miscellaneous Application under Section 254(2) of the Income Tax Act. The firm contested the addition of Rs. 67,59,613/- for alleged suppression in the valuation of closing stock. The Court emphasized that Section 254(2) allows rectification only for patent, obvious mistakes, not for reviewing or revising orders. It concluded that the Tribunal had adequately addressed the valuation issue, advising the firm to pursue an appeal under Section 260A if dissatisfied. The writ application was dismissed, affirming the limited scope of rectification under Section 254(2). en-us Thu, 18 Mar 2021 00:00:00 +0530 Fri, 02 Jul 2021 15:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405577 The High Court upheld the Tribunal's decision to reject a partnership firm's Miscellaneous Application under Section 254(2) of the Income Tax Act. The firm contested the addition of Rs. 67,59,613/- for alleged suppression in the valuation of closing stock. The Court emphasized that Section 254(2) allows rectification only for patent, obvious mistakes, not for reviewing or revising orders. It concluded that the Tribunal had adequately addressed the valuation issue, advising the firm to pursue an appeal under Section 260A if dissatisfied. The writ application was dismissed, affirming the limited scope of rectification under Section 254(2). Case-Laws Income Tax Thu, 18 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405577