TMI Blog2017 (12) TMI 1270X X X X Extracts X X X X X X X X Extracts X X X X ..... be answered being obvious, is in the negative. The powers of rectification flowing from Section 254(2) of the Act are for correcting apparent errors and not for re-examination of the issues already considered and concluded. It is well recognised that the powers of rectification 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 bee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... remium Notes ( SPN for short) issued by the Company in the financial year 1996-97. The Assessing Officer gave detailed reasons for rejecting the claim in his order of assessment dated 28.03.2002. The assessee carried the matter in appeal. The Commissioner (Appeals) had rejected such appeal by giving further elaborate reasons upon which the issue at the hands of the assessee had reached the Tribunal. The Tribunal by the judgement dated 31.07.2006 had after detailed consideration of various issues rejected the assessee s appeal and upheld several of Revenue s contentions. The assessee thereupon filed a Miscellaneous Application before the Tribunal contending that the Tribunal had committed several errors. These errors, therefore, required to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the Court on 28th October, 2016 at Ahmedabad. It is this order which the Revenue has challenged in the present tax appeal. 4. We have heard learned counsel for the parties. We have perused the documents on record. We are of the view that the Tribunal committed a legal error in recalling its earlier detailed judgement. As noted, there was a raging controversy between the Revenue and the assessee regarding the assessee company s claim of deduction of interest expenditure at all stages before the Assessing Officer, Commissioner (Appeals) and the Tribunal. This issue received minute scrutiny. The Tribunal in particular had referred to the facts on record, findings and the observations of the Assessing Officer and the Commissioner ( ..... X X X X Extracts X X X X X X X X Extracts X X X X
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