Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2013 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (12) TMI 1311 - HC - Income TaxValidity of recalling its own order by Tribunal u/s 254(2) - Held that:- Though the Tribunal had referred to the judgment in M/s. Swadeshi Cotton Mills [1979 (9) TMI 26 - ALLAHABAD High Court], but later on, on the application given by the assessee that it wrongly applied the principle of law in M/s. Swadeshi Cotton Mills to the present case, found that there is difference between hypothecation and pledge of the stock - The hypothecation of the goods could not be treated as same as in the case of pledge - The Tribunal realized its mistake in wrongly applying the principles laid down in M/s. Swadeshi Cotton Mills, and rectified the mistake - In the absence of power of review, where the tribunal finds that there was apparent mistake in its order, which has caused serious prejudice to the assessee, in view of the judgments in Honda Siel Power Products Ltd [2007 (11) TMI 8 - Supreme Court of India], it could have rectified the mistake, which was apparent on record - Decided against Revenue.
|