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2021 (8) TMI 1085 - AT - Income TaxRectification of mistake u/s 254 - grievance of the Revenue is that the Tribunal has granted relief to the assessee and there are factual inconsistencies in the order of Tribunal and there is enough material on records in the form of inventory of Stock & Cash found during the course of survey which has escaped the notice of Tribunal while passing the order - HELD THAT:- Power of rectification u/s 254(2) of the Act can be exercised only when the mistake which is sought to be rectified is an obvious and patent mistake which is apparent from record and not a mistake which requires to be established by arguments and long drawn process of reasoning. Tribunal cannot exercise its power of rectification, look into some other circumstances which would support or not support its conclusion so arrived at. The mistake which the Tribunal is entitled to correct is not an error of judgment but a mistake which is apparent from record itself. Failure of the Tribunal to consider an argument advanced by either party for arriving at a conclusion, is not an error apparent on the record, although it may be an error of judgment. It has further held that in the grab of an application for rectification it is not permissible to the parties to reopen and reargue the whole matter. Hon’ble Kerala High Court in the case of P.T. Manuel and Sons [2021 (3) TMI 435 - KERALA HIGH COURT] has held that the power of rectification is not akin to that of appeal or even a review. It has further held that merely because there is a wrong or erroneous order or a wrong appreciation of facts, the same cannot be grounds for rectification though they could be grounds for appeal. In view of the aforesaid facts and following the decisions cited hereinabove, we are of the view that since the Revenue has filed to point out any mistake apparent from record in the order as contemplated u/s 254(2) of the Act, we are not inclined to recall order - Misc. Application of the Revenue is dismissed.
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