https://www.taxtmi.com/caselaws?id=461232 The Appellate Tribunal dismissed the Revenue's application for rectification under section 254(2) of the Income Tax Act, 1961, finding no "mistake apparent from the record" in its previous order. The Tribunal upheld its original decision to apply a 6% disallowance rate for unaccounted purchases, rejecting the Revenue's argument for a 12.5% rate. It concluded that the difference in rates was a matter of legal interpretation rather than an obvious error, thus not qualifying for rectification under the provision. The Tribunal emphasized that section 254(2) is limited to correcting clear and obvious mistakes. en-us Tue, 02 Apr 2024 00:00:00 +0530 Sat, 22 Mar 2025 21:39:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461232 The Appellate Tribunal dismissed the Revenue's application for rectification under section 254(2) of the Income Tax Act, 1961, finding no "mistake apparent from the record" in its previous order. The Tribunal upheld its original decision to apply a 6% disallowance rate for unaccounted purchases, rejecting the Revenue's argument for a 12.5% rate. It concluded that the difference in rates was a matter of legal interpretation rather than an obvious error, thus not qualifying for rectification under the provision. The Tribunal emphasized that section 254(2) is limited to correcting clear and obvious mistakes. Case-Laws Income Tax Tue, 02 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461232