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2021 (10) TMI 171 - HC - Income TaxRectification of mistake u/s 154 - Disallowance of set off of unabsorbed depreciation - notice u/s 154 of the Act was served on the assessee by which it was proposed to disallow the unabsorbed depreciation - HELD THAT:- Section 154 of the Act, twin conditions are required to be satisfied namely that there has to be a mistake and such a mistake has to be apparent on record. It is settled in law that the detection of such a mistake does not require a search or thorough application of mind and there cannot be a mistake in respect of an issue which admits of two plausible opinion. In the instant case, the Tribunal has dealt with the contention of the revenue in paragraph 6 and has held that for the reasons assigned therein, in the case of 'PEERLESS GENERAL FINANCE & INVESTMENT CO. LTD. Vs. CIT' [2016 (5) TMI 109 - SC ORDER] does not apply to the case of the assessee and has recorded a finding that the miscellaneous petition filed by the revenue is liable to be dismissed as the revenue has failed to show any error apparent on the face of the record in the order dated 06.07.2017 passed by the Tribunal. The order dated 06.07.2017 is based on the decision of the High Court of Gujarat in M/s. GENERAL MOTORS INDIA [2012 (8) TMI 714 - GUJARAT HIGH COURT]. The aforesaid order does not suffer from any mistake apparent on the face of the record warranting invocation of power under Section 144.
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