Shanti Prime Publication Pvt. Ltd.
Section 154 of the Income-tax Act, 1961 – Rectification of mistake – A decision on a debatable point of law is not a mistake apparent from the record.
Facts: During the course of hearing before the Tribunal submitted that the pre-amended provision of section 56(2)(vii)(b) has to be considered and that the same shall not apply to the facts of assessee in as much as the immovable property is not purchased without consideration. It is stated that therefore, there is a mistake apparent from record. It is argued that the backbone of the issue that the provisions of section 56(2)(vii)(b) are not applicable is founded on the argument that the immovable property is received without consideration.
Held, that a perusal of facts clearly indicate that the applicant has not pointed out any mistake apparent from the record. A mistake apparent on the record must be an obvious mistake and not something which can be established by a long drawn process of reasoning on points on which there may be conceivably two opinions. A decision on a debatable point of law is not a mistake apparent from the record. In fact, not a single error in the impugned order has been pointed out by the applicant. What the applicant wants is a review of the order passed by the Tribunal. The Tribunal is a creature of the statute. The Tribunal cannot review its own decision unless it is permitted to do so by the statute. Present MA, being devoid of merit, is dismissed – SUJAUDDIAN KASIMSAB SAYYED Vs. ITO [2020] 181 ITD 564 (ITAT-MUMBAI)