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2014 (3) TMI 499 - AT - Income TaxAdmissibility of Miscellaneous application – Nature of Activity - Held that:- It is incorrect on the part of the Assessee to argue that the Tribunal has exceeded in commenting the nature of activity of the undertaking by holding that the undertaking had carried out an adventures in the nature of trading - The provisions of Section 11(4) were required to be discussed along with provisions of Section 2(15) of IT Act - Considering those sections, a final conclusion was made by the Tribunal that, quote "therefore, we are of the conscientious view that even if this undertaking may come within the purview of "business undertaking" but being no excess income was found utilized other than for the purposes of the object of the trust; hence, out of the ambits of the provision of section 11(4) of the IT Act - the final result of the appeal was not against the assessee – thus, the Misc. Application appears to be not based upon a sound footing - the petition has been moved merely under an apprehension. Power of review – Mistake apparent on record – Held that:- The Tribunal has considered facts of the case at length as well as the applicable case law – thus, there was no apparent mistake on record – in COMMISSIONER OF INCOME-TAX Versus KAMAL BHAI ISMAILJI [2005 (4) TMI 6 - ALLAHABAD HIGH COURT] it has been held that the Tribunal has no power to review its order - the Misc. Application does not fall under any of the ambits of Section 254(2) of IT Act – thus, the activity carried on by the assessee undertaking and that view was not a mistake at all, what to say an apparent mistake - Decided against Assessee.
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