https://www.taxtmi.com/caselaws?id=25007 The court upheld the addition of cash credits as income due to failure to establish their genuineness in the name of Manubhai Shah. The Tribunal allowed rectification applications under section 254(2) of the Act, finding that the issue of liability for assessment on entire cash credits or only peak credits was not considered. The court determined that the rectification was a correction of a mistake apparent from the record. The court rejected the argument that the rectification order was without jurisdiction, citing the submission of the excessive amount argument during the appeal. The Tribunal's decision to allow rectification was based on a material point not considered, qualifying as a mistake under section 254(2) of the Act. The court found no merit in the writ petition and dismissed it, ordering the refund of the outstanding security amount to the petitioner. en-us Wed, 11 Nov 1987 00:00:00 +0530 Sat, 23 Jan 2010 17:25:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25007 The court upheld the addition of cash credits as income due to failure to establish their genuineness in the name of Manubhai Shah. The Tribunal allowed rectification applications under section 254(2) of the Act, finding that the issue of liability for assessment on entire cash credits or only peak credits was not considered. The court determined that the rectification was a correction of a mistake apparent from the record. The court rejected the argument that the rectification order was without jurisdiction, citing the submission of the excessive amount argument during the appeal. The Tribunal's decision to allow rectification was based on a material point not considered, qualifying as a mistake under section 254(2) of the Act. The court found no merit in the writ petition and dismissed it, ordering the refund of the outstanding security amount to the petitioner. Case-Laws Income Tax Wed, 11 Nov 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25007