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2017 (3) TMI 661 - AT - Income TaxRectification of mistake - Disallowance of deduction for the lease rentals paid for the vehicle taken on finance lease - non-consideration of the I.C.D.S [2013 (1) TMI 344 - SUPREME COURT] case - Held that:- We have heard the rival contentions of both the parties and perused and carefully considered the materials on record; including the judicial pronouncements cited and placed reliance upon. Indeed, the Article 141 of the Constitution of India creates obligation on all the Courts and Tribunals to abide by the law declared by the Hon'ble Apex Court in the Indian Territory. The declaration of law is complete once the judgment is pronounced. However, the issues which are not covered by the judgment of Hon'ble Supreme Court, can be decided keeping in view the law laid down by the Hon'ble High Courts in the country which hold the field. Applying the above principles in the facts on hand, we find that there are other judgments of Hon'ble Supreme Court which are in favour of the Revenue in the given facts and circumstances. These cases have been discussed in the preceding paragraph and the same are not repeated here for the sake of brevity. In view of above, we find that the instant issue is debatable. Further, we find it is well settled that statutory authority exercise power of review unless such power is expressly conferred. There is no express power of review conferred on this Tribunal. Even otherwise, the scope of review does not extend to re-hearing of the case on merit. All the facts in the instant case were same as of earlier years and the view with regard to the issue in those facts has already been taken up by this Tribunal which is in favour of Revenue. Therefore, we are of the view that there is no mistake apparent from the record which has crept in the order of Hon’ble ITAT which needs rectification u/s 254(2) of the Act. However, the assessee is free to explore the remedy available under the law. Hence the MA filed by the assessee is dismissed.
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