https://www.taxtmi.com/caselaws?id=308063 The Appellate Tribunal ITAT Hyderabad dismissed Miscellaneous Applications seeking rectification of its order based on the assessee's ground regarding the determination of market value. The Tribunal emphasized that it had already considered the issue and could not re-hear the case, citing statutory limitations on its review powers under section 254(2). It clarified that rectification does not permit recalling the entire order or reversing decisions on merits. The Tribunal's order under section 254(1) stands as the effective order, and any amendments under section 254(2) are merged with the original order. Consequently, the Tribunal rejected the plea for review and rectification, upholding its original decision and dismissing all Miscellaneous Applications. en-us Fri, 26 Jul 2013 00:00:00 +0530 Sat, 27 May 2023 11:22:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308063 The Appellate Tribunal ITAT Hyderabad dismissed Miscellaneous Applications seeking rectification of its order based on the assessee's ground regarding the determination of market value. The Tribunal emphasized that it had already considered the issue and could not re-hear the case, citing statutory limitations on its review powers under section 254(2). It clarified that rectification does not permit recalling the entire order or reversing decisions on merits. The Tribunal's order under section 254(1) stands as the effective order, and any amendments under section 254(2) are merged with the original order. Consequently, the Tribunal rejected the plea for review and rectification, upholding its original decision and dismissing all Miscellaneous Applications. Case-Laws Income Tax Fri, 26 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308063