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2003 (12) TMI 44 - KARNATAKA HIGH COURTCorrectness of the order passed by the Income-tax Appellate Tribunal – Power of tribunal u/s 254(2)- Tribunal is conferred with power to amend the order passed under section 254(1) of the Act, if the Tribunal is satisfied that the order made under section 254(1) of the Act suffers from a mistake apparent from the record – Thus, the Tribunal before it exercises the power conferred on it under section 254(2) of the Act is required to refer to the materials on record which were not considered or misread which led to the passing of a patently wrong order under section 254(1) – Order of tribunal is hereby set aside and the matter is remitted to the Tribunal to reconsider the miscellaneous petition filed by the respondent under section 254(2) - appeal is allowed
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