2012 (11) TMI 162

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....s decided by the tribunal against the assessee by following the judgment of Hon'ble Bombay High Court rendered in the case of CIT Vs Kalpataru Colour & Chemicals Ltd Vs CIT as reported in 328 ITR 451 (Mum.) It is further submitted that this decision of Hon'ble Bombay High Court has been reversed by the Hon'ble Apex Court in the judgement rendered in the case of Topman Exports as reported in 342 ITR 49. It is further submitted that as per the judgement of Hon'ble Apex Court rendered in the case of Saurashtra Kutch Stock Exchange as reported in 305 ITR 227 (S.C.) and as per the judgement of Hon'ble Allahabad High Court rendered in the case of CIT Vs Bindal Industries Ltd. as reported in 328 ITR 160 (Alld.) if the Tribunal decision is not in l....

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....so find that as per the judgment of Hon'ble Apex Court in the case of Saurashtsra Kutch Stock Exchange (supra) in which the Hon'ble Apex Court has referred to the judgement of Hon'ble Jurisdictional High court also rendered in the case of Suhrid Geigy Ltd. Vs Commissioner of Sales Tax as reported in 237 ITR 834 wherein, it was held that if the point is covered by a decision of jurisdictional High Court rendered prior or even subsequent to the order of rectification, it can be said to be a mistake apparent from the record u/s 254(2) of the Income tax Act, 1961 and could be corrected by the Tribunal. As per this judgement of Hon'ble jurisdictional high Court, in the present case also, there is an apparent mistake in the impugned tribunal orde....