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2018 (9) TMI 1701 - GUJARAT HIGH COURTRectification of mistake - assessment of income - Held that:- Tribunal’s previous order in the tax appeals of Shri M. N. Patel and the company it can be seen that the Tribunal was acutely conscious about three aspects of the matter. (i) Firstly, whether the entire amount of ₹ 2.27 lacs could be stated to be the income of Shri M. N. Patel and could be taxed in his hands. (ii) Having held that only 6.25% of such amount which came to ₹ 13.53 lacs could be taxed in the hands of Shri M. N. Patel as part of his share out of the company’s profit, what would happen to the rest of the amount and (iii) whether the remaining sum of ₹ 2.16 crores could be taxed in the hands of the company. The Tribunal gave findings on all three aspects. Even after recording that Shri M. N. Patel can be taxed to the tune of ₹ 13.53 lacs of income the Tribunal gave reasons for holding that the remaining amount could not be taxed in hands of the company. Whether this conclusions are correct or incorrect surely the High Court will decide in the Revenue's tax appeal which is already admitted. However, this is not a case where the Tribunal failed to decide an important issue arising in the appeals or that the consideration of the Tribunal suffered from an error apparent on the record. As is well settled the jurisdiction of the Tribunal to rectify its own order is quite narrow and cannot be equated with the power of review which the Tribunal does not possess.
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