https://www.taxtmi.com/caselaws?id=413360 The Tribunal dismissed the Revenue's Misc. Application seeking rectification of an error in the ITAT order based on a CBDT circular. The Tribunal held that rectification under section 254 of the Income Tax Act is for obvious mistakes, not debatable issues. It clarified that subsequent circulars cannot be considered as mistakes apparent from the record and do not have retrospective effect. The High Court's ruling emphasized that the circulars did not impact the Tribunal's decision made before their issuance, leading to the dismissal of the Revenue's application. en-us Tue, 05 Oct 2021 00:00:00 +0530 Fri, 08 Oct 2021 08:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413360 The Tribunal dismissed the Revenue's Misc. Application seeking rectification of an error in the ITAT order based on a CBDT circular. The Tribunal held that rectification under section 254 of the Income Tax Act is for obvious mistakes, not debatable issues. It clarified that subsequent circulars cannot be considered as mistakes apparent from the record and do not have retrospective effect. The High Court's ruling emphasized that the circulars did not impact the Tribunal's decision made before their issuance, leading to the dismissal of the Revenue's application. Case-Laws Income Tax Tue, 05 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413360