2020 (5) TMI 296

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....he Revenue : Shri Kaushal Kumar And Shri S.P Walimbe ORDER PER PARTHA SARATHI CHAUDHURY, JM : This Miscellaneous Application has been filed by assessee u/s. 254(2) of the Income Tax Act, 1961 (hereinafter referred to as "the Act‟) seeking reviewing of its own order of Tribunal in ITA No.645/PUN/2018 dated 21.01.2019 and stating that order was passed ex-parte and assessee did not hav....

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....r Para 6 of the Tribunal‟s order, it is evident that the assessee had admitted before the Assessing Officer to adopt the cost of acquisition at Rs. 10,360/- and on the basis of which, the Tribunal observed that "there is no merit in the ground of appeal raised by the assessee in this regard. Hence, the same is dismissed." With regard to the second issue i.e. deduction claimed u/s.54F of t....

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....of decisions by the Hon'ble Supreme Court as well as Hon'ble High Court expounding scope of exercising powers under section 254(2) of the Act. We do not deem it necessary to recite and recapitulate all of them, but suffice to say that core of all these authoritative pronouncements is that power for rectification under section 254(2) of the Act can be exercised only when mistake, which is s....

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....levant observations of the Hon'ble High Court are as under: "The Tribunal cannot, in exercise of its power of rectification, look into some other circumstances which would support or not support its conclusion so arrived at. The mistake which the Tribunal is entitled to correct is not an error of judgment but a mistake which is apparent from the record itself." We are of considered....