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2009 (10) TMI 579 - HC - Income TaxRectification of mistakes – AO disallow the capital loss which was set off against the capital gains for the block period in this case was April 1, 1985 to November 9, 1995 - The Tribunal, following that the issue of set off of losses cannot be dealt with in rectification proceedings under section 154 which has been taken note of by the Commissioner of Income-tax (Appeals) has dismissed the appeal - The provision of section 154 can be invoked only in order to rectify the inadvertent mistake, which is apparent on the face of the record and not in a debatable issue - In similar circumstances, in a decision reported in CIT v. Nonmag Wires P. Ltd. (2007 -TMI - 13502 - MADRAS High Court) to which one of us is a party (Mrs. Chitra Venkataraman J.) this court held that a debatable issue on a point of law is not a mistake apparent from the record - Useful reference can be had to the judgment of the Supreme Court in the case of T. S. Balaram, ITO v. Volkart Brothers (1971 -TMI - 6255 - SUPREME Court) wherein it is held that a debatable issue could not be made a subject-matter for taking recourse to section 154 - Appeal is dismissed
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