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2018 (1) TMI 1635 - ITAT MUMBAIRectification of mistake u/s 254 - Exemption u/s 11 - assessee has not exercised any option u/s. 11(1) - HELD THAT:- We find that this Tribunal in the aforesaid order has passed an elaborate and well reasoned order. The issue in that case was chargeability of income in the hands of the assessee which the assessee has claimed that the same had not accrued to the assessee. As merit the assessee that the tribunal should have recorded that there was such an implied exercise of option by the assessee - tribunal has properly appreciated the concerned section and the entire facts and circumstances. The tribunal had clearly noted that the assessee has sold the property - The assessee had not offered the same for taxation. When confronted in this regard, the assessee came up with an addendum to the agreement by which the sale was registered. This addendum was an unregistered document and totally self-serving document by way of which the assessee intended to defer the accrual of the income. All along assessee and the Counsel had been pleading that the said income had not accrued. Authorities below had to refer in the case of Sumati Dayal [1995 (3) TMI 3 - SUPREME COURT] to reject this contention of the assessee. Hence, it is clear that the assessee was found to have entered into an activity which was colorable in nature. As observed that the assessee has not followed the relevant mandate of law. The reference of amended section as pointed out by the assessee does not point out any error whatsoever, as there is no material difference. Hence, in our considered opinion, there is no mistake apparent from the record liable for rectification u/s. 254(2). In our considered opinion, what the assessee is seeking is re-appreciation of the facts which is not mandated under the provisions of section 254(2). Assessee’s miscellaneous petition dismissed.
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