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2021 (1) TMI 400 - AT - Income TaxRectification u/s 254 - assessee has claimed deduction under section 80IB(10) however the Tribunal observed that deduction under section 80IB shall be calculated on the gains derived for such undertaking and same cannot exceed the profit derived for said undertaking - Tribunal, while adjudicating the assessee`s appeal, has not considered the decision in the case of Goldmine Shares & Stock Finance Pvt. Ltd. [2008 (4) TMI 405 - ITAT AHMEDABAD] hence this is a mistake apparent in the order of the Tribunal which needs rectification. HELD THAT:- It is abundantly clear from the decision of Prem Colonisers Pvt. Ltd [2013 (1) TMI 371 - ITAT DELHI] that failure of the Tribunal to consider an argument advanced by either party for arriving at a conclusion is not an error apparent on the record, although it may be an error of judgment. Review proceedings imply proceedings where a party, as of right, can apply for reconsideration of the matter, already decided upon, after a fresh hearing on the merits of the controversy between the parties, such remedy is certainly not provided by section 254(2) . In the garb of an application for rectification, the assessee cannot be permitted to reopen and re-argue the whole matter, which is beyond the scope of the section 254(2) of the Act. We note that in assessee`s case under consideration, the Tribunal has considered the decision of ACIT vs. Goldmine Shares & Stock Finance Pvt. Ltd(supra) cited by the assessee during the hearing and also considered the entire facts of the assessee`s case, and reached on the conclusion/decision. The said conclusion, that is, the ratio of the decision of the Tribunal, cannot be reviewed or rectified by the Tribunal under section 254(2) of the Act, therefore we dismiss all the miscellaneous application filed by the assessee.
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