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2018 (2) TMI 1982 - AT - Income TaxRectification u/s 254 - Exemption u/s 10(37) - determination of assessability of interest received by the assessee as part of the enhanced compensation against the acquisition of agricultural land owned by the assessee - HELD THAT:- In view of the settled position of law on the issue in appeal as on date, is that as laid down in the case of ‘Ghanshyam HUF’ [2009 (7) TMI 12 - SUPREME COURT] and reiterated in the case of ‘CIT Vs. Govindbhai Mamaiya’ [2014 (9) TMI 587 - SUPREME COURT].The ITAT having followed the proposition laid down in the aforesaid decisions while rendering its judgement, therefore, there is clearly no error in the said order. Even otherwise, powers of the Tribunal u/s 254 of the Act are very limited and are restricted to rectifying only apparent errors and it has no power to review. The Hon’ble Bombay High Court in the case of ‘Commissioner Of Income-Tax vs Ramesh Electric And Trading Co.’ [1992 (11) TMI 32 - BOMBAY HIGH COURT] while relying upon the decision of the Hon’ble Supreme Court in the case of ‘T. S. Balaram, ITO v. Volkart Brothers’ [1971 (8) TMI 3 - SUPREME COURT] and further relying upon the decisions of the various High Courts has categorically held that the power of rectification under section 254(2) of the Income-tax Act can be exercised only when the mistake which is sought to be rectified is an obvious and patent, which is apparent from the record, and not a mistake which is required to be established by arguments and a long drawn process of reasoning on points on which there may conceivably be two opinions. Misc. Applications are hereby dismissed.
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