TaxTMI 
TaxTMI 
2025 (5) TMI 186
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....the above referred appellate decision, in para 4 it is stated as under:- "4. After giving my thoughtful consideration, I am of the view that even if the assessee has filed his voluminous paper book running into 150 pages, his contention that the cash deposit during demonetization period in fact had come from his other family members who are regular return filers, could hardly be accepted in principle. The fact also remains that learned lower authorities have not given credit of the accumulated cash in his household as well. Faced with the situation, I deem it appropriate in larger interest of justice that a lumpsum addition of Rs. 8 lakhs out of that in issue of Rs. 11.19 lakhs deserves to be upheld. The assessee ....
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....ted in Mahavir Patpedhi: Rs. 14,071 Closing Balance as on 10-11-2016 Rs. 14,26,927 Date:09.11.2016 to 10.11.2016 No Transactions. Therefore Closing balance as on 10.11.2016 Rs. 14,26,927. Date:11.11.2016 Opening balance Rs. 14,26,927. Add: Cash Sales 1. Rs. 1,98,644. 2. Rs. 1,98,220. 3. Rs. 1,95,040. Total Rs. 5,91,904 Rs. 05,91,904 Total Inwards Rs. 20,18,831. Less :HDFC Bank Deposits on 11-11-2016 Rs. 9,00,000. Closing Balance as on 11.11.2016 Rs. 11,18,831. Date : 12.11.2016 Opening Balance Rs. 11,18,831. Add.: Cash sales 1,98,220. Rs. 01,98,220. Closing Balance 12-11-2016 Rs. 13,17,051. Date: 13.11.2016: Opening Balance Rs. 13,17,051. Add: Ca....
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....r such financial year. 4. Here in the assessee's case, the amount has been recorded as the Bank Deposits out of the available CASH Balance as per the Cash Book as the outgoing Cash in the Bank Account of the HDFC bank. 5. It is true that the said part of the Cash Balance was in the form of old Currency notes which got exchanged against the assessee's Current and valid currency notes. However, this does not tantamount to the excess Cash Balance in the possession of the assessee. 6. The Assessing Officer, and the C.I.T. Appeals have treated this exchanged currency notes as the excess Cash Balance in the possession of the assessee which is not factually correct. 7. It is noteworthy that my Appeal Gro....
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....view of the Tribunal's order in the garb of rectification which is not permissible under the law. 5. We have heard both the parties, considered their arguments and carefully perused the Tribunal's order dated 04.03.2024 in the main appeal being ITA No. 1375/PUN/2023 for Assessment Year 2017-18. The assessee by way of the present Miscellaneous Application contended that the observations and findings in the Tribunal's order (supra) is not based on the correct facts of the case and also the Tribunal did not consider the alternate claim of the assessee (Ground no. 4), which according to the assessee is mistake apparent on record. The assessee has therefore prayed in the present Miscellaneous Application that the facts and the legal position ....
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....tion 254(2) of the Act. The Hon'ble Delhi High Court in the case of Ras Bihari Bansal vs. CIT (2007) 293 ITR 365 held as under:- "Section 254 of the Income Tax Act; 1961, enables the concerned to rectify any "mistake apparent from the record". It is well settled that an oversight of a fact cannot constitute an apparent mistake rectifiable under this section. Similarly, failure of the tribunal to consider an argument advanced by either party for arriving at a conclusion, is not an error apparent on record, although it may be an error of judgment. The mere fact that the tribunal had not allowed a deduction, even if the conclusion is wrong, will be no ground for moving an application under section 254(2) of the Act. Further, in the ga....