2013 (12) TMI 73

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....t : S. D. Singh ORDER We have heard Shri R.K. Upadhyay appearing for the Commissioner of Income Tax-the appellant. Shri S.D. Singh appears for the respondent. This appeal under Section 260A of the Income Tax Act, 1961 arises out of order passed by the ITAT dated 29.6.2001 by which the Tribunal has allowed the application for rectification under Section 254 (2) of the Income Tax Act, 1961 ....

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..... The Tribunal allowed the application on 29th June, 2001 both on the ground that persons had contributed the amount for allotment of shares and to whom shares were allotted were assessees and that contribution even if it was not treated to be genuine had to be added to the income of such persons and not the company. The Tribunal, thereafter, relied upon Stellar Investment Ltd. to allow applicatio....

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.... judgment of this Court in CIT v. Mool Chand Shyam Lal, 273 ITR 160 (All) and D and H Secheron Electrodes Pvt. Ltd. v. CIT, (1983) 142 ITR 528 (MP) held that the Tribunal does not have power to review its judgment under Section 254 (2) of the Act, which authorises the Tribunal to only correct its mistakes. If a particular case has been decided incorrectly or some error has crept in, which does not....