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On or around 2.3.2012 the Revenue filed an Application No.11 of 2012 before the Tribunal and requested the Tribunal to correct a mistake which according to Revenue had crept in the order disposing of the appeals so far as not deciding the question of remaining part of the profit of 93.75% of Rs. 2.16 crores (rounded off), whether the same has to be brought to the tax and if yes, in whose hands on substantive basis. The Tribunal allowed such application by impugned order dated 4.10.2013. The Tribunal was of the opinion that such remaining amount of Rs. 2.16 crores could be taxed in the hands of the company. The Revenue’s Misc. Application was accordingly allowed. The company has thereupon filed present petition challenging the said order of Tribunal.

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Section 254 of the Income Tax Act, 1961 — Appeal — Appeal to appellate Tribunal — The jurisdiction of the Tribunal to rectify it's own order is narrow and cannot be equated with the power of review which the Tribunal does not possess. Tribunal considered matter and passed order and there was no obvious error in its order and order cannot be modified in Rectification proceedings — Ambica Realties P. Ltd. vs. Deputy or Assistant Registrar or His Successors to Office and others [2019] 419 ITR 382 (Gujarat)

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