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2020 (7) TMI 642 - AT - Income TaxRectification u/s 154 - appellant had sold a fixed asset on which a profit had arisen on account of sale of the show-room AND as explained that as per the provisions of the Act, the block of asset of the office premises had not ceased to exist and accordingly the provisions of section 50 were not applicable in terms of tax liability on STCG - profit on sale of show-room remained to be reduced while computing the profits u/s 115JB - HELD THAT:- The power of rectification u/s 154 of the Act can be exercised only if there is a mistake apparent from the record of the assessment of the assessee. In the instant case, the mistake as pointed out by the Ld. counsel is not apparent on the record; not obvious and patent mistake. In the instant case, the mistakes can be established by a long drawn process of reasoning on points on which there may be conceivably two opinions. In the instant case, the mistakes pointed out by the Ld counsel are rather debatable. Thus the ratio laid down by the Hon’ble Supreme Court in Volkart Bros [1971 (8) TMI 3 - SUPREME COURT] is squarely applicable here. In view of the above factual scenario and position of law, we uphold the order of the Ld. CIT(A).
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