INCOME TAX ACT, 1961

Section 254

Appeal (Tribunal) - Rectification of mistake - Tribunal restricted of profit of assessee on sale and purchase from 3% to 1.5% -

This writ petition was filed by assessee assailing legality and correctness of Order passed by Tribunal. It was seen that assessee challenged order of CIT(A) restricting its profit to extent of 1.5% of the sale and 1.5% on purchase before Tribunal by filing the related appeal. Tribunal restricted the profit of assessee on sale and purchase from 3% to 1.5%. Thus, assessee filed a Miscellaneous Application before Tribunal under Section 254(2) for rectification of mistake. Held: Section 254(2) provides that Tribunal might, at any time within six months from the end of the month in which the order was passed, with a view to rectifying any mistake apparent from the record, amend any order passed by it while disposing of appeal and shall make such amendment if the mistake is brought to its notice by assessee or by AO. An error or mistake apparent from the record is one which is manifest on the face of the record. In the instant case, it was noticed that not only was there no mistake apparent from the record but in the garb of Miscellaneous Application, assessee had sought for review of final order passed by Tribunal and for rehearing of the appeal which is not permissible in law. Therefore, petition was dismissed.

REFERRED :

FAVOUR : Against the assessee

A.Y. :

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