TMI Blog2019 (3) TMI 490X X X X Extracts X X X X X X X X Extracts X X X X ..... the order of this Tribunal within the meaning of Section 254(2) of the Act warranting rectification. In the instant case, it is the AR who had admitted by making certain statements at the time of hearing of the main appeal which was accepted and followed by Tribunal while disposing off the main appeal. We are afraid that if the argument of the Ld. AR is appreciated that it would be against the proposition of binding nature of ‘Law of Contracts’, in as much as the counsel has been appointed by the assessee by giving proper Vakalatnama in the name of the counsel and the statement and argument advanced by said counsel are to be construed to have been made on behalf of assessee and shall bind the assessee. We are not inclined to open up a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are not to be considered as comparables for the purpose of benchmarking the international transactions of the assessee. This Tribunal by placing reliance on the argument of the Ld. AR at the time of hearing had accordingly not adjudicated other grounds of the assessee and the revenue. 3. The Ld. AR at the time of miscellaneous application proceeding stated that only if the comparable of M.N. Dastur and Company Pvt. Ltd. which was sought to be included by the Ld. CIT(A), against which revenue is in appeal before this Tribunal, is decided in favour of the assessee, then alone the assessee s margin would be falling within +/- 5% range. The Ld. AR fairly admitted his mistake of making an incorrect statement before this Tribunal at the time ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct. As stated above, the expression rectification of mistake from the record occurs in section 154. It is also finds place in section 254(2). The purpose behind enactment of section 254(2) is based on the fundamental principle that no party appearing before the Tribunal, be it an assessee or the Department, should suffer on account of any mistake committed by the Tribunal. This fundamental principle has nothing to do with the inherent powers of the Tribunal. In the present case, the Tribunal in its Order dated 10.09.2003 allowing the Rectification Application has given a finding that Samtel Color Ltd. s case (supra) was cited before it by the assessee but through oversight it had missed out the said judgment while dismissing the appeal fil ..... X X X X Extracts X X X X X X X X Extracts X X X X
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