TaxTMI 
TaxTMI 
2016 (10) TMI 546
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....eld that the transactions prima facie needed verification and investigation as the sale price was meager as pointed out by the AO and the DRP, that the Tribunal had also held that it was only the starting point for scrutinizing the matter deeply and to prove that the transaction was sham, that after making the above observation the Tribunal had allowed the appeal of the assessee and held that transaction was genuine, that various inconsistencies and factual shortcomings had come to the notice of the AO, that such facts were required to be considered and proper explanation of the entire deal had to be examined, that the transaction was a colourable device, that the transaction was devoid of any business sense, that the Tribunal had not calle....
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....ssessee might have offered more price than it had received through the transaction with Dhoot. " The Tribunal had held that in its opinion any 'possibility' could not take place of an evidence and assessments made without evidences could not be sustained. It was in that context that the Tribunal had made observation about verification and investigation. The Tribunal had considered the cases relevant to the issue i. e. Oberoi Hotels (P) Ltd. (334ITR293);Salitho Ores Ltd. ( 344 161); K. P. Varghese(131ITR597) and Premier Automobiles(264ITR193). We would also like to reproduce the last paragraph of the order of the Tribunal, dealing with the issue and same reads as under :- "The entire chain of events-including delisting of shares,....
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....Tribunal if it is ordained to rule upon aspects and contentions which were not raised by the parties before it or to deal with pleadings, evidence or material to which its pointed attention was not drawn in the course of the proceedings, and which lie buried in the forest of papers filed by the parties. The fact that an appeal under the Incometax Act is not a lis between the parties and is only an adjustment of the tax liability does not also imply that the Tribunal shall exhibit such an imagination that it would be required to deal with issues that could have been, but were not, raised. The Tribunal is not expected to unearth evidence or material to which its attention was not drawn by the parties, nor to explore the area to find out what ....
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....wing is the decision of the Hon'ble jurisdictional High Court has in the case of Ramesh Electricals (203ITR497): "Under section 254(2) of the Income-tax Act, 1961, the Appellate Tribunal may, "with a view to rectifying any mistake apparent from the record", amend any order passed by it under subsection (1) within the time prescribed therein. It is an accepted position that the Appellate Tribunal does not have any power to review its own orders under the provisions of the Act. The only power which the Tribunal possesses is to rectify any mistake in its own order which is apparent from the record. This is merely a power of amending its order. The power of rectification under section 254(2) can be exercised only when the mistake which....