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2018 (12) TMI 1772 - AT - Income TaxRectification of mistake u/s 254 - denial of claim of deduction u/s.10(2A) - ITAT set aside the order of the ld. CIT(A) which held that the receipt should be treated as capital receipt - ITAT has also set aside the order of the ld. CIT(A) regarding the adjustment of the said amount from computation of book profit u/s. 115JB - HELD THAT:- Assessee is pointing out the various submissions and the paper book submitted and wants a reconsideration of the issues decided by the ITAT. We find that section 254(2) of the Act mandates rectification of the mistake apparent from the record. The request of reconsideration as made by the ld. Counsel of the assessee throughout his submissions does not come under the purview of rectification of mistake apparent from the record. What the ld. Counsel of the assessee is seeking is the review of the order of the Tribunal which is not permissible under the Act. We place reliance upon the decision of Hon'ble jurisdictional High Court in the case of CIT vs. Ramesh Electric and Trading Co. [1992 (11) TMI 32 - BOMBAY HIGH COURT] as referred to and drawn strength from the case of T.S. Balaram, ITO v. Volkart Bros. [1971 (8) TMI 3 - SUPREME COURT] wherein held mistake apparent on the record must be an obvious and patent mistake and not something which can be established by a long drawn process of reasoning on points on which there may be conceivably two opinions. A decision on a debatable point of law is not a mistake apparent from the record From the above it is clear that wrong appreciation of facts or wrong appreciation of case laws may be an error in judgement but they do not constitute mistake apparent from record. Issue pointed out by the ld. Counsel of the assessee do not fall under the realm of mistake apparent from the record liable to be rectified u/s. 254(2) of the Act. It is settled law that reappreciation/ re-adjudication is not permissible in the garb of the rectification of mistake in the order of the Tribunal. Miscellaneous applications by the assessee are dismissed.
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