2002 (4) TMI 216

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....., E-Bench, Mumbai, dated 13-10-1998 suffers from a mistake apparent from record in view of the fact that the view taken by the Tribunal is not in conformity with the view taken by the Hon'ble Bombay High Court on 4th May, 2001--Ship Scrap Traders v. CIT [2001] 251 ITR 806. 2. Before the Appellate Tribunal the case of the assessee was that the activity of "ship breaking" undertaken by the asses....

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....ffers from a mistake apparent from record and needs rectification under section 254(2) of the Act. However, the ld. counsel has not furnished any case law in support of his contention that a later decision of the jurisdictional High Court would give rise to a mistake apparent on record in the order passed by the I.T.A.T. On the other hand, the ld. D.R. strongly submitted that on the date when the ....

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.... said that such an order suffers from mistake apparent from record with reference to the judgment of jurisdictional High Court which was rendered much later. Similar view was taken in the cases of Sree Palaniappa Transports v. CIT [1999] 238 ITR 492 (Mad.) and Dr. Rajah Sir M.A. Mluthiah Chettiar v. CIT [1999] 238 ITR 505 (Mad.). It may be noticed that in a case where the issue is finally decided ....