TMI Blog2020 (1) TMI 561X X X X Extracts X X X X X X X X Extracts X X X X ..... recapitulate all of them, but suffice to say that core of all these authoritative pronouncements is that power for rectification under section 254(2) of the Act can be exercised only when mistake, which is sought to be rectified, is an obvious and patent mistake, which is apparent from the record and not a mistake, which is required to be established by arguments and long drawn process of reasoning on points, on which there may conceivably be two opinions. The Hon'ble Jurisdictional High Court in the case of CIT Vs. Ramesh Electric Trading Company reported [ 1992 (11) TMI 32 - BOMBAY HIGH COURT] has held that the scope of section 254(2) is limited to rectification of mistake apparent from record itself and not rectification in err ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) 20 taxman.com 733(SC) which deals directly with Income Tax Act, 1961. Therefore, the Ld. DR prayed that the issue of not following the decision of the Hon‟ble Apex Court may be considered as a mistake apparent from record with the meaning of section 254(2) of the Act. 3. The Ld. AR of the assessee strongly opposed to the miscellaneous application filed by the Revenue and submitted that the order of the Tribunal dated 29.11.2018 is well reasoned and the same does not call for any review or rectification. The Ld. AR of the assessee further submitted that the Revenue has failed to point out any apparent mistake in the order warranting rectification. The Revenue is seeking review of the entire order in the grab of rec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... High Court in the case of CIT Vs. Ramesh Electric Trading Company reported as 203 ITR 497 has held that the scope of section 254(2) is limited to rectification of mistake apparent from record itself and not rectification in error of judgment. The relevant observations of the Hon'ble High Court are as under: The Tribunal cannot, in exercise of 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 the record itself. We are of considered view that in the guise of rectification, the Revenue is seeking review of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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