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2014 (3) TMI 177 - AT - Income TaxRectification petition u/s 154 of the Act – Facts properly not appreciated – Held that:- The decision in ITO vs. Volkat brothers [1971 (8) TMI 3 - SUPREME Court] followed - a decision on debatable point of law is not a mistake apparent from record” and “that a mistake apparent on record must be obvious and patent mistake and not something which can be established by a long drawn process of reasoning on points on which there may conceivably be two opinion” - In the original order the CIT(A) has taken note of the fact that notice under section 133(6) of the Act could not be served to Shyam Agro Industries - CIT(A) was of the view that the assessee could not substantiate existence of the said party - whether ld. CIT(A) reached this conclusion rightly or wrongly and whether balance sheet entry itself was sufficient to dislodge this conclusion is beyond the inherently limited scope of mistakes which can be rectified under section 154 of the Act - The scheme of section 154 of the Act does not permit correction of such errors, even if there is any error – the order of the CIT(A) upheld – Decided against Assessee.
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