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2019 (4) TMI 1014 - AT - Income TaxRectification u/s 254 - mistake apparent from the record - Penalty u/s 271(1)(c) was upheld - rectification of order of Tribunal reported in [2017 (11) TMI 1762 - ITAT MUMBAI] - HELD THAT:- A mistake apparent on the record must be an obvious mistake and not something which can be established by a long drawn process of reasoning on points on which there may be conceivably two opinions. A decision on a debatable point of law is not a mistake apparent from the record. This view is supported by the decision of the Hon’ble Supreme Court in T.S. Balaram, ITO v. Volkart Bros. [1971 (8) TMI 3 - SUPREME COURT] In fact, not a single error in the impugned order has been pointed out by the applicant. What the applicant wants is a review of the order passed by the Tribunal. The Tribunal is a creature of the statute. The Tribunal cannot review its own decision unless it is permitted to do so by the statute. Hon’ble Supreme Court has held in Patel Narshi Thakershi v. Pradyumansinghji Arjunsinghji [1970 (3) TMI 163 - SUPREME COURT OF INDIA] that the power to review is not an inherent power. It must be conferred by law either specifically or by necessary implication. It is a settled law that the Tribunal has no power to review its order in the garb of section 254(2) of the Act
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