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TMI Blog2013 (12) TMI 73X X X X Extracts X X X X X X X X Extracts X X X X ..... l does not have power to review its judgment under Section 254 (2) of the Act, which authorises the Tribunal to only correct its mistakes. If a particular case has been decided incorrectly or some error has crept in, which does not require any debate and such error is apparent on the face of the record, such mistake can be corrected in exercise of power under Section 254 (2) of the Act - Decided i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not tally. The contributions were added as unexplained credit under Section 68 of the Act in the income of the assessee. An application dated 31.5.2000 was filed for rectification on the ground that the identity of the persons, who had contributed to the share capital was not in dispute and that in any case even if they were not genuine, in view of CIT v. Stellar Investment Ltd. decided by Delhi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal was correct in law and is empowered to reverse its own decision passed on merits earlier?" Shri R.K. Upadhyay submits that in Biswanath Prasad and sons v. Commissioner of Income Tax, (2005) 277 ITR 265 (All) this Court has after considering the judgment of Supreme Court in Kuntesh Gupta (Smt.) (Dr.) v. Management of Hindu Kanya Mahavidyalaya Sitapur, AIR 1987 SC 2186; Patel Narshi Thake ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TR 160 that ignorance of a judgment of the Supreme Court, which covers the issue is also a mistake, which is apparent on the face of the record, and which may be corrected under section 154 of the Act. In Bindal Industries Ltd. (Supra) there was no discussion on the point. The opinion of the Court was expressed on the concession of counsel appearing for the income tax department. In the present ..... X X X X Extracts X X X X X X X X Extracts X X X X
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