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2014 (1) TMI 751 - AT - Income TaxRecall of order u/s 254 of the Act - Rectification of mistake apparent from record - Held that:- The use of term 'net of all deductions' and specific direction not to allow separate deduction towards remuneration and interest payments to partners, is nothing but the manner of estimation of income of the assessee approved by the Tribunal for determining the incomes of the assessee for the years under consideration by the Assessing Officer - such a direction need not specifically arise only on account of any specific ground raised by the Revenue with regard to allowability of deductions towards remuneration and interest payments to partners - the Tribunal has taken a conscious view in the matter of adopting a method estimation of income, while giving such a direction – thus, it cannot be termed as a mistake apparent from record, nor the Tribunal could review or modify such directions, in the guise of rectifying its order, within the scope of the provisions of S.254(2) of the Income-tax Act, 1961 – the decision of CIT V/s. Ved Prakash [1993 (4) TMI 17 - ANDHRA PRADESH High Court] followed - thus, there could not be any mistake apparent from record in the order of the Tribunal – Decided against Assessee.
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