TMI Blog2019 (8) TMI 106X X X X Extracts X X X X X X X X Extracts X X X X ..... 54 could have been invoked. Admittedly, the power u/s 154 is a power to rectify the mistake and it is not a power to review an order. Furthermore, the power can be invoked to rectify a mistake, which is apparent from the record which undoubtedly would mean that such power cannot be exercised by making roving enquiry into the matter specially where there are disputes raised by the assessee on which a decision requires to be given after considering the submissions. The Hon'ble Apex Court in CIT VERSUS SOUTH INDIA BANK LTD. [ 2000 (12) TMI 6 - SUPREME COURT] noted that there was a difference of opinion among the learned Judges of the High Court on the principal question and held that there was a debatable question and cannot be rectifi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... where two views are possible can be rectified u/s. 14 of Income Tax Act, 1961? (iii) Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in law in not holding that the appellant is entitled to claim exemption u/s.54, on transfer of the adjacent properties, being land appurtenant to the building, on th ground that the mode of acquisition of the properties were different and sold to different persons? (iv) Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in law in not holding that the Assessing Officer is duty bound to assist the appellate in making a claim and allowing the same as exempt u/s. 54 on th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ised return dated 31.03.1997. In the revised return, the assessee has mentioned a total sale consideration for Selbourn Home as ₹ 40 lakhs instead of ₹ 35 lakhs in the original return of which the assessee's share is 50 per cent. The said return was processed under Section 143(1) of the Act. Subsequently, notice under Section 143(2) was issued and the assessee's case was taken up for scrutiny in pursuance to which the assessee's authorised representative appeared and discussed the matter and the assessment was completed. Further notice was issued to the assessee by the Assessing Officer invoking his power under Section 154 of the Act, stating that there is an error in the assessment order which is re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l before the Appellate Authority who proceeded to consider the matter on merits, though the assessee took a stand that there are debatable issues, power under section 154 of the Act cannot be invoked. The assessee carried the matter by way of appeal to the Tribunal wherein a specific plea was raised that the order passed by the Assessing Officer under Section 154 is akin to an order passed under Section 143(3) read with Section 147 of the Act and there is no mistake apparent on the face of the original order and Section 154 could not have been invoked. The Tribunal did not consider this contention advanced by the assessee but proceeded to take note of the merits of the matter and dismissed the appeal. 8. In our considered v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sment year under question deducted interest paid for broken period and this was originally allowed by the Assessing Officer. Later the Assessing Officer invoking the provisions of Section 154 of the Act cancelled such allowance for the reason that the income by way of interest from purchase and sale of securities should be computed under the head 'interest on securities' and the provisions of Section 18 to 20 did not permit such deduction. 11. The matter went to the Tribunal and the Tribunal held that a debatable issue was involved that the assessing authority was therefore not justified in invoking the machinery for rectification under Section 154. The Hon'ble Apex Court noted that there was a difference of opi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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