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2021 (9) TMI 1014 - AT - Income TaxRectification u/s 254 - Disallowance of exemption u/s 54F -Tribunal denied the exemption under section 54F by following decision of Hon’ble Karnataka High Court in case of CIT vs MJ Siwani [2015 (2) TMI 729 - KARNATAKA HIGH COURT] - HELD THAT:- In case of CIT vs McDowell and Co Ltd. reported [2008 (3) TMI 301 - KARNATAKA HIGH COURT] following the decision of Hon’ble Supreme Court in case of Honda Siel Power Products Ltd. vs CIT [2007 (11) TMI 8 - SUPREME COURT] has held that the power under section 254 (2) of the Act cannot be exercised so as to review order passed by the Tribunal. Hon’ble court held that application of principles laid down by the superior courts to the facts of the case even on an erroneous understanding of such principles, on recording of an erroneous finding by the Tribunal based on facts on record or formation of a conclusion on erroneous application of provision of law to the facts of a case, etc., cannot be held to be a mistake apparent from record warranting rectification by the Tribunal in exercise of its power under section 254 (2) of the Act. The issues has been decided on merits by following the view of Hon’ble Karnataka High Court being the jurisdictional High Court. To reconsider this issue falls out of the purview of provisions u/s 254(2) of the Act and is beyond the scope of section 254(2).
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