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2007 (5) TMI 214 - HC - Income TaxApplication for rectification u/s 254(2) - Disallowance on loss of exchange fluctuation - challenging two different orders passed by the Tribunal, in one single appeal is not maintainable - HELD THAT:- Section 254(2), enables the concerned authorities to rectify any " mistake apparent from the record". It is well settled that an oversight of a fact cannot constitute an apparent mistake rectifiable under this section. Similarly, failure of the Tribunal to consider an argument advanced by either party for arriving at a conclusion, is not an error apparent on the record, although it may be an error of judgment. The mere fact that the Tribunal has not allowed a deduction, even if the conclusion is wrong, that will be no ground for moving an application u/s 254(2) of the Act. Further, in the garb of application for rectification, the assessee cannot be allowed to be permitted to reopen and reargue the whole matter, which is beyond the scope of this section and same is the view of this court in the case of Ms. Deeksha Suri [1997 (5) TMI 20 - DELHI HIGH COURT]. Accordingly, we find that the present appeal is wholly misconceived and without any basis and we do not find any reason to disagree with the findings given by the Tribunal and there is no infirmity in the impugned order passed by the Tribunal. Accordingly, the present appeal filed by the assessee is dismissed.
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