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TMI Blog2020 (5) TMI 296X X X X Extracts X X X X X X X X Extracts X X X X ..... Shri S.P Walimbe ORDER PER PARTHA SARATHI CHAUDHURY, JM : This Miscellaneous Application has been filed by assessee u/s. 254(2) of the Income Tax Act, 1961 (hereinafter referred to as "the Act‟) seeking reviewing of its own order of Tribunal in ITA No.645/PUN/2018 dated 21.01.2019 and stating that order was passed ex-parte and assessee did not have an opportunity to put up its case. 2. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ident that the assessee had admitted before the Assessing Officer to adopt the cost of acquisition at Rs. 10,360/- and on the basis of which, the Tribunal observed that "there is no merit in the ground of appeal raised by the assessee in this regard. Hence, the same is dismissed." With regard to the second issue i.e. deduction claimed u/s.54F of the Act, the Tribunal relied on the decision of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l as Hon'ble High Court expounding 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 mist ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 assessee is seeki ..... X X X X Extracts X X X X X X X X Extracts X X X X
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