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2018 (3) TMI 1456 - AT - Income TaxRectification of mistake - Rectificatory powers vested on the Tribunal under section 254(2) - Observations that actual use of loan by the appellant after borrowing it is not verified by the lower tax authorities - Held that:- This Tribunal cannot be a reviewing authority. We find that this Tribunal had considered all the aspects of the case before giving its finding. What the assessee seeks now is a review of the order. Assessee has not been able to show any mistake in the order of the Tribunal, much less any mistake apparent on record. The stand of the assessee is this that it was stop gap arrangement till the loan is disbursed by the financial institutions as stated by the assessee in Para 4 (ii) of the M. P. As per the assessment order, the entire discussion is about allowability of deduction u/s 57 and there is no whisper about nature of loan. There is no discussion on this aspect also as to whether loan was received from financial institutions and if received than when received and how utilised. As per the tribunal order, the matter is restored to AO for fresh decision after examining the facts of the present case in the light of the judgment rendered in the case of Comfound financial Services [2007 (12) TMI 519 - KARNATAKA HIGH COURT]. Hence, in our considered opinion, there is no apparent mistake in this tribunal order which can be rectified u/s 254 (2).
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