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2013 (8) TMI 1009 - HC - Income TaxMistake apparent from record is Rectifiable or not? u/s. 254(2) - Assessee had deposited the amounts under ESI and EPF contributions prior to the filing of the return under s. 139(1) of the Act. Tribunal held that assessee firm is in default for depositing the aforesaid amounts beyond the stipulated time period. Proviso to s. 43B was retrospective and no disallowance could be made if the payment had been made before the due date prescribed u/s 139(1) of the Act- interpreted vide judgment delivered by Hon'ble High Court in 2006- COMMISSIONER OF INCOME-TAX VERSUS AVERY CYCLE INDUSTRIES P. LIMITED (NO. 1). [2006 (9) TMI 153 - PUNJAB AND HARYANA HIGH COURT] and in March 2007 delivered by the Hon'ble Supreme Court in CIT VERSUS VINAY CEMENT LTD. [2007 (3) TMI 346 - SC ORDER]. The said decisions were prior in point of time to the decisions of the Tribunal on 5th Nov. 2007 and 23rd Nov., 2007 - HELD THAT : - Non-consideration of the decision of the jurisdictional High Court or of the Supreme Court would constitute "mistake apparent from the record" and such mistake can be rectified u/s 254(2) by the tribunal. The Tribunal was in error in declining to rectify the mistake which was apparent on the face of the record. Decision in the case of- ASSISTANT COMMISSIONER, INCOME TAX, RAJKOT VERSUS SAURASHTRA KUTCH STOCK EXCHANGE LTD [2008 (9) TMI 11 - SUPREME COURT], relied upon. Decision in favour of Assessee.
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