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2014 (7) TMI 687 - HC - Income TaxJurisdiction of Tribunal for rectification u/s 254(2) – Mistake apparent on record – Held that:- CBDT has issued a Circular No. 68 [F. No. 245/17/71-A & PAC], dated 17.11.1971 explaining as to when a mistake apparent from the record could be corrected in the event of a subsequent decision delivered by the Supreme Court of India - relying upon Assistant Commissioner of Income Tax Vs. Saurashtra Kutch Stock Exchange Ltd. [2008 (9) TMI 11 - SUPREME COURT] - an error apparent on the record means an error which strikes one on mere looking and does not need a long drawn out process of reasoning on points on which there may be conceivably two opinions - where the business continued, the valuation of the closing stock would have to be determined either at cost price or market price, whichever is lower - decision passed by the Tribunal based on an earlier decision of the Supreme Court is a mistake apparent from the record and consequently a rectification application u/s 254(2) is maintainable - the Tribunal was justified in passing the order u/s 254(2) of the Act – Decided against Revenue.
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