Law: Merchant Shipping (Registration of Ships) Regulations, 1993

Section: 254(2)

Income-tax----Rectification---Mistake apparent from the record---Powers of Appellate Tribunal---Tribunal deciding debatable issue---No decision of jurisdictional High Court on those issues---Judgment rendered by jurisdictional High Court subsequent to decision of Tribunal on such issues---Tribunal could not be deemed to have committed a mistake---Rectification not permissible---Indian Income Tax Act, 1961, S.254(2)---[Kuppuraj (MK) v. ITO (1995) 211 ITR 853 (Mad.) overruled]. The assessee, a registered firm, claimed set off of unabsorbed .depreciation of the earlier years. There were conflicting decisions of the various High Courts on the point and the Tribunal chose to follow the decision of the Allahabad High Court in K.T. Wire Products v. Union of India (1973) 92 ITR 459 and that of the Gujarat High Court in CIT v. Garden Silk Weaving Factory (1975) 101 ITR 658 and held that the assessee was not entitled to claim such set off in respect of unabsorbed depreciation of the earlier years. The decision of the Tribunal was rendered on November 30, 1976. Subsequent to the said decision, the Madras High Court rendered a in CIT v. Nagapatinam Import and Export Corporation (1979) 119 ITR 444 following certain decisions of the Bombay High Court. The view of the Madras High Court was that the assessee could claim such a set off. Relying on the decision of the Madras High Court in. CIT v. Nagapatinam Import and Export Corporation (1979) 119 ITR 444, the Assessee filed an application under section 254(2) of the Income Tax Act, 1961, for rectification of the order of the Tribunal. The Tribunal held that the subsequent decision of the Madras High Court would become binding on the Tribunal in respect of orders pronounced after the date of the High Court . In this view of the matter, the Tribunal held that the rectification application was not maintainable. On a-reference: Held; that a Tribunal deciding a case on certain debatable issues, wherein there is no decision of the jurisdictional, High Court, could not be deemed to have made a mistake because subsequent to the decision of the Tribunal, a has been rendered by the jurisdictional High Court. In respect of the orders…

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