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2018 (10) TMI 502 - AT - Income TaxScope of rectification of mistake - Agricultural income as disclosed by the partners in returns and Partners in turn disclosed share in HUF income in their individual returns and claimed the same as exempt u/s 10(2)- Held that:- We find that the power of rectification under section 254 can be exercised only when the mistake, which is sought to be rectified, is an obvious patent mistake and apparent from the record and not a mistake, which is required to be established by arguments and long drawn process of reasoning on points, on which there may conceivably be two opinions. We find that the error pointed out by the assessee qua grounds no.1 and 2 are concerned, the Tribunal in the impugned order had detailed discussion from page nos.1 to 5 of the order and came to conclusion to restrict the disallowance to 20% of the purchases made from the partners and relative of the partners. 80% of the purchases made by the assessee have been allowed. Addition on account of suppression in the value of closing stock is concerned, the Tribunal has discussed the issue and noticed well reasoned order of the CIT(A), and thereafter following the judgment of the Hon’ble Supreme Court in the case of CIT Vs. Hindustan Zinc Ltd. [2007 (5) TMI 195 - SUPREME COURT] came to the conclusion that valuation of closing stock adopted by the assessee was purely adhoc method and without any basis. We find that the scope of sub-section (2) is restricted to rectifying any mistake in the order which is apparent from record and does not extend to reviewing of the earlier order. By pointing out the alleged apparent errors, the assessee is trying to review entire order of the Tribunal, which is not permissible in law. Misc. Application of the assessee is dismissed.
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