2021 (2) TMI 363 - ITAT PUNE - Income Tax

Head Note / Extract:
Rectification of mistake u/s 254 - Estimation of income - bogus purchases - Tribunal had restricted the disallowance on expenses to the extent of 20% - HELD THAT:- No mistake, much less any apparent mistake that warrants rectification in the order of Tribunal dated 03.01.2019. The Tribunal in its own wisdom after considering the decisions of the Hon‟ble Jurisdictional High Court had adjudicated the appeal of the assessee. Therefore, we are of the considered view that the Tribunal has rightly adjudicated the issue in confirming 20% of the total expenses and therefore, prayer for making it as 100% of such expenses is not warranted within the scope of power as envisaged u/s.254(2) of the Act wherein only mistake apparent from record could be rectified. Accordingly, Miscellaneous Application filed by Revenue is dismissed.