9911796707
TMI Blog2017 (12) TMI 1270X X X X Extracts X X X X X X X X Extracts X X X X ..... not have recalled its judgement in exercise of powers of rectification since the original judgement was passed after consideration of all aspects of the matter. We had issued notice for final disposal. We have heard learned counsel for the parties on following substantial question of law: Whether the Income Tax Appellate Tribunal in facts of the case was right in law in exercising powers of rectification? 2. For the assessment year 1999-2000, the assessee had filed the return of income which was taken into scrutiny by the Assessing Officer. One of the issues considered by the Assessing Officer was the interest expenditure claimed by the assessee under Section 36(1) of the Act of a sum of Rs. 45.04 crores upon pre-mature redemption of Sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd nature may be different, but it cannot be alleged that income was not offered. Apart from above, we have been appraised with regard to other factual inaccuracy tabulated in the MA. On due considerations of all these facts, we are convinced that the Tribunal has conceived the facts in erroneous manner which has goad the Tribunal on a wrong conclusion, therefore, Tribunal has committed apparent error. The order of the Tribunal deserves to be recalled on this issue. Accordingly, we allow the MA and partly modify the order of the Tribunal. The finding of the Tribunal on ground no. 7 is recalled and this ground is restored for re-adjudication. 13. In the result, MA appeal of the assessee is allowed as indicated above. Order pronounced in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on cannot be equated to that of review. The Tribunal thus travelled far beyond its power of rectification in accepting the assessee's various contentions which were not confined to pure factual errors apparent on the record. Some of the contentions of the assessee were highly contentious legal issues. Once the Tribunal had taken a particular view, it was always open for the aggrieved party to challenge such views before the higher court. The Tribunal could not have been persuaded to re-examine the issues on the premise that there was an error apparent on the record. 5. In the result, the question is answered in favour of the Revenue. The impugned order of the Tribunal dated 28.10.2016 is set aside. Consequently, the original judgement of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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