2011 (2) TMI 1591 - AT - Income Tax

Summary

Issues involved: Recall of Tribunal order for fresh consideration u/s 254(2) of the Income-tax Act, 1961.

The Appellate Tribunal ITAT CHENNAI considered the miscellaneous petitions filed by the Revenue regarding the Tribunal order dated 31.5.2010 in S.P.No.20/Mds/2010 & I.T.A.No. 327 & 328/Mds/2010 for assessment years 2003-04 and 2004-05. The Revenue sought the recall of the entire order for fresh consideration u/s 254(2) of the Act. The reasons cited by the Revenue included issues related to the taxability of capital gains and the adoption of guideline value as Fair Market Value of the property. The Revenue contended that the Tribunal erred in admitting certain issues instead of remanding them back to the CIT(A). However, after hearing the rival submissions, the Tribunal held that allowing the recall would amount to a review of the order, which is not permissible under the law. Therefore, the Tribunal dismissed the miscellaneous petitions, stating that rewriting the order through review is not permissible u/s 254(2) of the Act. Consequently, the petitions filed by the Revenue were dismissed on 18.2.2011.