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2016 (1) TMI 1027 - ITAT MUMBAIRectification of mistake - Carry forward and set off of losses in the case of certain companies - Held that:- There is no dispute with regard to the fact that the share holding pattern, now presented before us, was not available before the tax authorities as well as the Tribunal during the hearing of appeal. The assessee has accepted throughout the proceedings that there was change in share holding pattern by more than 51%. The decision on the issue of eligibility of the assessee to set off the brought forward losses was adjudicated on the basis of the above said facts originally presented by the assessee. Through this miscellaneous application, the assessee is bringing altogether a new fact, which has the effect of changing the position by 360 degrees. Further, as submitted by the Ld D.R, the same is a new fact, which was not available on record and which requires verification also. It is a well settled proposition that the Tribunal is empowered to rectify the mistakes apparent from record, i.e., mistakes available on the face of record. The assessee may also agree with the position that the order passed by the Tribunal does not suffer from any mistake on the basis of facts available on record at the relevant point of time. Only, if the new facts are taken into account, the decision rendered by the Tribunal may turn out to incorrect one. However, in our considered view, the same may not result in a mistake apparent from record as contemplated u/s 254(2) of the Act. In our view, the remedy lies somewhere else and not before the Tribunal. The case laws, on which the Ld A.R placed reliance, have been well distinguished by the Ld D.R and we fully agree with him that they do not support the case of the assessee. Hence, we are of the view that the Tribunal is not empowered to rectify its order on the basis of new facts, as the same does not fall in the category of mistakes apparent from record. Accordingly, we are not convinced with the petition filed by the assessee and accordingly dismiss the same. - Decided against assessee.
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