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2016 (7) TMI 741 - AT - Income TaxRectification of mistake - expenses so incurred being inextricably linked to NPA were held by the Tribunal to be the part of the work-in-progress with each NPA and transferred to Profit & Loss Account only when the NPA is finally settled - Held that:- Tribunal vide its order dated 30th October, 2015 has duly considered the entire factual matrix surrounding the business of the assessee in acquiring and dealing in NPA’s and level of uncertainty w.r.t. length of period of recovery and amount of recoveries to be made out of these NPA accounts and there-after the Tribunal has taken the conscious and well reasoned decision to consider these expenses incurred which are inextricably linked to the NPA’s so acquired which NPA’s were already treated by the assessee as work-in-progress and hence the expenses so incurred being inextricably linked to NPA were held by the Tribunal to be the part of the work-in-progress with each NPA and transferred to Profit & Loss Account only when the NPA is finally settled. Keeping in view of the peculiar factual matrix of the assessee’s business, the Tribunal has arrived at a decision looking into the facts and circumstances surrounding the assessee’s case. Thus, we conclude that no error has crept in the order of the Tribunal dated 30-10-2015 which can be rectified under the mandate of the provisions of Section 254(2) of the Act as there is no mistake apparent from records. Thus, in the result the miscellaneous application filed by the assessee stand dismissed.
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