2002 (1) TMI 12 - HC - Income Tax

Powers Of Tribunal - Tribunal held that the bonus amount as statutory bonus is allowable and if that has not been allowed that is an apparent mistake on record and that can be corrected under section 254(2) of the Income-tax Act 1961. The facts are that the claim was made even not only before the Assessing Officer but before the Commissioner of Income-tax (Appeals) and the Tribunal also. This fact has not been disputed by learned counsel for the Revenue. - Considering the submissions and claim of statutory bonus which has not been allowed though claimed by the assessee it is an apparent mistake on record and that can be corrected under section 254(2) of the Income-tax Act 1961. Consequently no question of law arises for reference to this court by the Tribunal.

Summary

The High Court of Rajasthan allowed the correction of an apparent mistake in disallowing a statutory bonus claimed by the assessee under section 254(2) of the Income-tax Act, 1961. The Tribunal held that the bonus amount was allowable, as it was claimed before the Assessing Officer, Commissioner of Income-tax (Appeals), and the Tribunal. The application under section 256(2) was rejected as no question of law arose for reference.