TMI Blog2020 (3) TMI 1188X X X X Extracts X X X X X X X X Extracts X X X X ..... ification 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. We make reference to the decision of the Hon'ble jurisdictional High Court in the case of ACIT Vs. Saurashtra Kutch Stock Exchange Ld. [ 2003 (3) TMI 70 - GUJARAT HIGH COURT] which has been upheld by the Hon'ble Supreme Court [ 2008 (9) TMI 11 - SUPREME COURT] - scope of section 254(2) is limited to rectification of mistake apparent from record itself and not rectification in error of judgment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icer is not entitled to reopen the assessment on the basis of opinion of the DVO and the Assessing Officer had no authority to reopen the assessment u/s.147/148 of the Act and consequently, the assessment order passed u/s.143(3) r.w.s147 of the Act, do not stand. The Ld. DR further submitted that the case of the assessee for A.Y.2011-12 was not re-opened as per provisions of section 147/148 of the Act and in fact, the case of AY 2011-12 was selected for scrutiny under compulsory scrutiny norms for the reason addition in earlier assessment in excess of ₹ 10 Lacs on a substantial and recurring question of law or fact. Hence, the Ld. DR prayed for recalling the order of the Tribunal in ITA No.733/PUN/2016 dated 11.03.2019. 3. The Ld ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unding scope of exercising powers under section 254(2) of the Act. We do not deem it necessary to recite and 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. For fortifying this view, we make reference to the decision of the Hon'ble jurisdictional High Court in the case of ACIT Vs. Saurashtra Kutch Stock Exchange Ld., 262 ITR 146 wh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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