2014 (7) TMI 1109

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....se of Nalwa Sons Investment Limited (21 taxmann.com 184), wherein the Delhi High Court had confirmed the legal position that when the assessment is made on income computed u/s 115JB and tax has been paid on income so computed, penalty u/s 271(1)(c) would not be imposed with reference to additions made while making assessment under normal procedure. 2. Further, it is the contention of the learned senior counsel for the assessee that there are some mistakes appearing at para 5 of the impugned order of the Tribunal dated 15.01.2014, which goes to root of the matter and vitiated the ultimate conclusion of the Tribunal. The alleged mistakes pointed out by the learned senior counsel are that (i) the impugned order holds that the assessee's claim....

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....e proceedings, the learned senior counsel for the assessee has relied on the decision of the Hon'ble Apex Court in the case of Honda Siel Power Products Ltd Vs. CIT, 295 ITR 466 (SC) and decision of the Tribunal in the case of ONGC Limited CPF Trust Vs. ITO, Dehradun 24 SOT 48 (Del), to support the proposition that the Tribunal can rectify the mistakes allegedly committed by the Tribunal while adjudicating the case of the assessee. On the other hand, the Ld. DR has strongly opposed the move of the assessee and prayed the same cannot be permitted as the miscellaneous application is intended to reopen the argument on the whole matter which is beyond the scope of the power of the Tribunal u/s 254(2) of the Income Tax Act. 4. Having heard both....