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2009 (11) TMI 48 - HC - Income TaxReadjudication of an order u/s 254(2) – rectification of mistake - Unaccounted stock - The assessee derived income from manufacture and sale of woolen yarn and scooter and declared loss for the year in question but the Assessing Officer added unaccounted stock pledged with the bank and not accounted for in the books of account, as undiclosed income. The addition was partly upheld by the CIT (A). The Tribunal, vide its order dated 18.3.1976, restored the addition. – . The assessee filed an application under Section 254 (2) for rectification of order dated 18.3.1976. The said application was dismissed by order dated 12.7.1977 holding that there was no mistake apparent on the record and points raised were of argumentative nature - After 9 months, second application under Section 254 (2) was made which was almost similar to the application earlier made and dismissed on 12.7.1977. The said application was accepted, vide order dated 31.3.1979 and reversing the view earlier taken by the Tribunal, addition made by the Assistant Appellate Commissioner was upheld. - held that - the Tribunal could not have readjudicated the matter under Section 254 (2). - There is no express power of review conferred on the Tribunal - Tribunal was not justified in recalling its previous finding restoring the addition, more so when an application for the same relief had been earlier dismissed
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