TaxTMI 
TaxTMI 
2017 (12) TMI 1270
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....ot have recalled its judgement in exercise of powers of rectification since the original judgement was passed after consideration of all aspects of the matter. We had issued notice for final disposal. We have heard learned counsel for the parties on following substantial question of law: Whether the Income Tax Appellate Tribunal in facts of the case was right in law in exercising powers of rectification? 2. For the assessment year 1999-2000, the assessee had filed the return of income which was taken into scrutiny by the Assessing Officer. One of the issues considered by the Assessing Officer was the interest expenditure claimed by the assessee under Section 36(1) of the Act of a sum of Rs. 45.04 crores upon pre-mature redemption of Secu....
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....d nature may be different, but it cannot be alleged that income was not offered. Apart from above, we have been appraised with regard to other factual inaccuracy tabulated in the MA. On due considerations of all these facts, we are convinced that the Tribunal has conceived the facts in erroneous manner which has goad the Tribunal on a wrong conclusion, therefore, Tribunal has committed apparent error. The order of the Tribunal deserves to be recalled on this issue. Accordingly, we allow the MA and partly modify the order of the Tribunal. The finding of the Tribunal on ground no. 7 is recalled and this ground is restored for re-adjudication. 13. In the result, MA appeal of the assessee is allowed as indicated above. Order pronounced in th....