https://www.taxtmi.com/caselaws?id=58287 The Tribunal dismissed all Miscellaneous Applications for rectification concerning the valuation of shares of a private limited company and the treatment of advance tax paid by the company in wealth-tax computation. Despite a subsequent jurisdictional High Court decision favoring the assessee, the Tribunal emphasized that rectification under section 254(2) should correct obvious mistakes, not debatable points. It underscored the finality of its orders, expressing concerns about continuous litigation if decisions were subject to recall based on subsequent High Court judgments. The Tribunal held that the debatable nature of the issue and conflicting High Court decisions at the time of the original order precluded rectification solely on the basis of the subsequent decision. en-us Mon, 29 Aug 1988 00:00:00 +0530 Sat, 18 Dec 2010 13:06:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58287 The Tribunal dismissed all Miscellaneous Applications for rectification concerning the valuation of shares of a private limited company and the treatment of advance tax paid by the company in wealth-tax computation. Despite a subsequent jurisdictional High Court decision favoring the assessee, the Tribunal emphasized that rectification under section 254(2) should correct obvious mistakes, not debatable points. It underscored the finality of its orders, expressing concerns about continuous litigation if decisions were subject to recall based on subsequent High Court judgments. The Tribunal held that the debatable nature of the issue and conflicting High Court decisions at the time of the original order precluded rectification solely on the basis of the subsequent decision. Case-Laws Income Tax Mon, 29 Aug 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58287