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2015 (9) TMI 1179 - AT - Income TaxRectification of mistake - whether dividend income can be taxed as income under the head ‘Income from business’? - Held that:- A mistake apparent from record means an ‘obvious or patent mistake’ or a ‘glaring and obvious mistake’. Hotly debatable issues are excluded; hardly debatable issues are included. The issue may be complicated, yet the mistake may be simple. It is a mistake apparent from record. The test is not complexity of the issue but simplicity of the mistake.The question whether dividend income can be taxed as income under the head ‘Income from business’, in our considered view, is hardly debatable. See case of F.C. Sondhi & Company (Indi) Pvt. Ltd. vs. DCIT [2015 (9) TMI 1099 - ITAT AMRITSAR] To perpetuate an error is no heroism. To rectify it is the compulsion of judicial conscience. In this, we derive comfort and strength from wise and inspiring words of Justice Bronson in Pierce vs. Delameter ‘a Judge ought to be wise enough to know that he is fallible, and, therefore, ever ready to learn; great and honest enough to discard all mere pride of opinion and follow the truth wherever it may lead; and courageous enough to acknowledge his errors. See Distributors (Baroda) Private Limited Versus Union of India And Others [1985 (7) TMI 1 - SUPREME Court ] We are, therefore, unable to accept Revenue’s contention that a considered opinion expressed by the Tribunal, after applying its mind to an issue in appeal, cannot be unsettled even if the mistake in the process of reasoning is a simple mistake apparent from record on which no two views are possible. Thus we recall both the orders passed by this Tribunal for fresh hearing in terms of the directions set out above
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