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2014 (7) TMI 1109 - ITAT MUMBAIRectification of mistake - Non consideration of precedent decision - Penalty u/s 271(1)(c) - Held that:- decision of the Delhi Court in the case of Nalwa Sons Investment Ltd. (2010 (8) TMI 40 - DELHI HIGH COURT) has not been cited before the Tribunal when the appeal was heard and the same has been admitted by the learned senior counsel for the assessee during the hearing of this miscellaneous application. Therefore, not considering the decision which was not cited during the course of the appellate proceeding cannot be the basis for invoking provisions of section 254(2) of the Income Tax Act. Moreover, the decision in the case of Nalwa Sons Investment Ltd. (supra) is neither rendered by the Hon’ble Jurisdictional High Court of Bombay nor by the Hon’ble Apex Court and hence the same has only pursuasive value so far this Bench of the Tribunal. Therefore, it cannot be said that the Tribunal has ignored/not considered a provision of law or binding decision of a Court. The other mistakes alleged by the assessee are not mistake apparent on the record for the purpose of section 254(2) of the Act. - Considering the entirety of the facts and the relevant provisions of law, more particularly, the limited scope of section 254(2), we are of the considered opinion that the mistake alleged by the assessee in the impugned order of the Tribunal dated 15.01.2014 are not mistakes apparent for the purpose of section 254(2) and in fact the assessee intends a revision or review of the order of the Tribunal which is beyond the scope of the said provision - Decided against assessee.
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