TMI Blog2021 (1) TMI 399X X X X Extracts X X X X X X X X Extracts X X X X ..... unal was aware about the judgment cited by the assessee in its paper book, however it is not necessary that the said judgment should be used by the Tribunal in its conclusion(ratio). This miscellaneous application, ld Counsel has argued the various legal issues which were already considered by the Tribunal in its order dated 12.02.2019. When an argument and debate is made by ld Counsel for a particular issue then it would not a mistake apparent in the order of the Tribunal. The Power to rectify an order, under section 254(2) of the Act is extremely limited and it does not extend to correcting errors of law, or re-appreciating factual findings. The plain meaning of the word 'apparent' is that it must be something which appears to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unds with respect to ground No. (l)(i), ground No. (ll)(1)(ii), ground No.(ll)(2) and ground No.(ll)(3). As a matter of fact, there is not even whisper on applicability of section 45(3) particularly when it formed the very basis of the addition. c. In the second round before the ITAT, one of the key issues before the Tribunal was that the AO did not dispose the objection raised by the appellant on the issue of section 45(3) (Page No.31 of the paper book) in the order disposing of objections (Page No.88 to 94 of the paper book). This was directed by the Hon'ble Tribunal in the first round in paragraph 3 (Page No.85 to 87 of the paper book). Despite given second chance, the AO also did not follow direction of the Hon'ble Tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n.com-77 (Karnataka) Deepak Extrusions P. Ltd 188-192 6 81-Taxmann.com-73 (Madras) Martech Peripherals P. Ltd 193-203 7 81-ITR-(Trib)-669 (Delhi) Veer Vardhaman Finance Investment P. Ltd 204-210 e. In paragraph 11 of the Tribunal order, the Tribunal has acknowledged as under. 11. Regarding 2nd and 3rd grounds of appeal of the assessee, the assessing officer has held that non-agricultural of 4960 kg mtrs held as stock in trade by the assessee was brought as capital contribution to the firm M/s. C. N. Builders and Developer on 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also pointed out that fair market valuation of the asset at ₹ 900 per squire meter is based on estimation and such estimation cannot be treated mistake apparent in the Tribunal order. The assessee, in his miscellaneous application, is requesting the Tribunal to adopt the fair market value at ₹ 600 per square meter, instead of ₹ 900 per square meter, which is not permitted under section 254(2) of the Act, as it would be tantamount to re-write the order again. While deciding the appeal, the Tribunal has considered all the issues of the assessee, hence there is no mistake apparent in the order of the Tribunal and therefore assessee`s miscellaneous application should be dismissed. 5. We have heard both the parties and caref ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Vishwanath Engineers 179-187 5 80-taxmann.com-77 (Karnataka) Deepak Extrusions P. Ltd 188-192 6 81-Taxmann.com-73 (Madras) Martech Peripherals P. Ltd 193-203 7 81-ITR-(Trib)-669 (Delhi) Veer Vardhaman Finance Investment P. Ltd 204-210 We note that Tribunal has considered the paper book of the assessee. It is not necessary that Tribunal should consider in its concluding para each and every judgment cited by the assessee. It is not a case of the assessee that Tribunal has not considered the paper book of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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