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TMI Blog2024 (11) TMI 848X X X X Extracts X X X X X X X X Extracts X X X X ..... rt in the case of Honda Siel Power Productions Ltd. [ 2007 (11) TMI 8 - SUPREME COURT ] reversing the decision of the High Court, that in allowing the rectification application the Tribunal gave a finding that the earlier decision of a co-ordinate Bench was cited before it but through oversight it had missed the judgment while dismissing the appeal filed by the assessee on the question of admissibility/allowability of the claim of the assessee for enhanced depreciation under section 43A. One of the important reasons for giving the power of rectification to the Tribunal under section 254(2) was to see that no prejudice was caused to either of the parties appearing before it. The rule of precedent was an important aspect of certainty in the r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ithout going into the merits, the following order is passed by consent : a. The impugned orders both dated 10th August 2022 are hereby quashed and set aside. b. The matters are remanded to the Tribunal to re-hear Miscellaneous Application Nos. 57 58/MUM/2023. 2. We clarify that we have not made any observations on merits of the matters. 3. As per the directions of the Hon ble High Court, the miscellaneous petitions are heard and the Ld.AR submitted that, the Hon ble Tribunal has not considered the facts that there cannot be re-opening of the assessment u/sec147 of the Act, where the information or seized document pertains/ belongs to the assessee was found at searched person place and in such circumstances, the provisions of section 153C of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oned and appeal was to be admitted in interest of justice - Held, yes [Para 3] [In favour of assessee] II. Section 147, read with section 143 of the Income-tax Act, 1961 Income escaping assessment General (Furnishing of reasons) Whether completion of assessment under section 143(3) read with section 147, without communicating reasons recorded to assessee, when specifically requested was unsustainable and liable to be quashed - Held, yes [Para 8] [In favour of assessee] III. Section 153A, read with sections 143, 147 and 153C of the Income-tax Act, 1961 Search and seizure Assessment in case of (Scope of) Whether once conditions are satisfied for invoking jurisdiction under section 153C, assessment must be made under section 153C only, but not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... F CO-ORDINATE BENCH CITED BY ASSESSEE-IS A HIJ, 1961, ss. 43A, 154, 254. MISTAKE-INCOMETAX WORDS AND PHRASES MISTAKE , RECTIFICATION , MEANINGS OF. The purpose behind the enactment of section 254(2) of the Income-tax Act, 1961, dealing with the power of the Appellate Tribunal to amend any order passed by it under sub-section (1), if any mistake apparent from the record is brought to its notice, is based on the fundamental principle that no party appearing before the Appellate Tribunal, be it an assessee or the Department, should suffer on account of any mistake committed by the Tribunal. This fundamental principle has nothing to do with the inherent powers of the Tribunal. If prejudice has resulted to the party, which prejudice is attributa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ced depreciation was admissible even on notional increase on the cost of the asset had been cited before the Tribunal, but the Tribunal had inadvertently not considered the submission of the assessee to that effect. The Appellate Tribunal allowed the rectification application of the assessee stating that the judgment of the co- ordinate Bench of the Tribunal had escaped its attention. The Department preferred an appeal to the High Court and the High Court set aside the order of the Tribunal holding that the power to rectify any mistake was not equivalent to a power to review or recall the order sought to be rectified. On appeal to the Supreme Court: Held, reversing the decision of the High Court, that in allowing the rectification applicati ..... X X X X Extracts X X X X X X X X Extracts X X X X
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