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TMI Blog2017 (3) TMI 528X X X X Extracts X X X X X X X X Extracts X X X X ..... in the sum of Rs. 15,79,809/- being transfer of machinery by the Individual to his HUF appellant, allegedly assessable under section 56 (2) of the Act. 2. The Hon'ble ITAT adumbrated the arguments placed on behalf of the appellant, tracing the history of the legislations seeking to tax transfers between non-relatives under section 56(2)(vii) and verbatim reproduced, inter-alia, the most salient proviso to the said section at page 6, Para 5 as under:- Provided further that this clause shall not apply to sum of money or any Property received- (emphasis mine) (a) From any relative, 3. The Hon'ble ITAT at page 5, Para 10.1 concluded the arguments made on behalf of the appellant as under - In any event, the transaction is exempt as tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... despite the misunderstanding of the provisions of section 56(2) by the CIT (A), relating to movable V s immovable properties, the transaction is still exempt under section 56(2)(vii), as it was still not assessable by virtue of transactions between relatives (Please see Para 10.1 at last 3 lines of IT AT order beginning with the words "In any event.. "). 5. In addition the Hon 'ble IT AT omitted to adumbrate on the argument advanced by the appellant, that in the absence of the term "machinery" under the definition of property, there is no mandate to tax the same in terms of section 56 (2) (vii) - (please see Para 10.1, line nos. 5 to 10). 6. The Hon'ble ITAT has omitted to consider and give a finding in respect of Ground no 3 raise ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. Suman Tea and Plywood Industries (P) Ltd., 226 ITR 34 held that "by section 254(4) of the IT Act, an order which has been passed by the Tribunal reaches finality the moment the same is passed: it cannot be touched thereafter. By section 254(2) of the act, the Tribunal, however, has been authorized to rectify mistakes in its orders, which are apparent on the face of the records. The expression "mistake apparent on the record" means a mistake either clerical or grammatical or arithmetical or of like nature, which can be detected without there being any necessity to reargue the matter or to reappraise the facts as appearing from the records." 5.1 From the above decision, it is clear that section 254(2) cannot be applied to seek review of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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