2016 (11) TMI 162

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.... JUDGMENT ( Per : Honourable Mr. Justice KS Jhaveri ) 1. By way of this appeal, the assessee has challenged the order of the Income Tax Appellate Tribunal, Rajkot Bench, (For short, "the Tribunal") in M.A.No.12/RJT/05 arising out of ITA No.4073/Ahd/95 dated 12.5.2005, whereby the review preferred by the assessee was dismissed. 2. At the time of admitting this Appeal, following question ....

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....er:- "45. Rectification of an order stems from the fundamental principle that justice is above all. It is exercised to remove the error and to disturb the finality. 46. In S. Nagaraj & Ors. v. State of Karnataka, 1993 Supp (4) SCC, Sahai, J. stated; "Justice is a virtue which transcends all barriers. Neither the rules of procedure nor technicalities of law can stand in i....

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.... from which the power flows is the anxiety to avoid injustice. It is either statutory or inherent. The latter is available where the mistake is of the Court. In Administrative Law, the scope is still wider. Technicalities apart if the Court is satisfied of the injustice then it is its constitutional and legal obligation to set it right by recalling its order". 47. In the present case, acc....

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....he aforesaid position. 5. In view of the observations made by the Honourable Apex Court in Assistant Commissioner of Income-Tax v. Saurashtra Kutch Stock Exchange Ltd. (supra), in our opinion, the Tribunal has the power to review its own order and rectify the error committed by it. We, therefore, set aside the impugned order dated 12.5.2005 passed by the Tribunal in M.A.No.12/RJT/05 arising out....