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2014 (1) TMI 870 - AT - Income TaxRecall of order – Rectification of error apparent on record u/s 254 of the Act - Determination of the head of income – Held that:- The Tribunal had committed an error - An error apparent on the record means an error which strikes on mere looking and does not need a long drawn out process of reasoning on points on which there might be conceivably two opinions - by a long drawn process of reasoning assessee wants us to review the order dtd. 07.11.2012 - But it is not permissible as per the provisions of section 254(2) of the Act - under these provisions it is not permissible for the petitioner to contend that the appellate order was vitiated on the ground that the Tribunal failed to discuss all the contentions raised by counsel before it and to give reasons for coming to the conclusion which it did - If assessee finds an order defective on this ground, the remedy lay elsewhere and not by way of a Miscellaneous Application. The Tribunal is a creature of the statute and it is not been vested with the review jurisdiction - it does not have any power to review its orders – Relying upon Commissioner Of Income-Tax Versus Ramesh Electric And Trading Co. [1992 (11) TMI 32 - BOMBAY High Court] - the power of rectification available to the Tribunal u/s. 254(2) of the Act cannot be exercised on failure of the Tribunal to consider an argument advanced by either party for arriving at a conclusion ,because it is an error of judgment and not an error apparent on the record – The High Court has laid down guide lines and the boundaries of the rectification provisions – There is no mistake apparent on record – Decided partly in favour of Assessee.
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