Mistake apparent from record, constitutes a rectifiable mistake under section 254(2): ITAT Mumbai

Ambuja Cements Limited Vs ACIT (ITAT Mumbai) In a landmark decision, the Income Tax Appellate Tribunal (ITAT) Mumbai permitted the rectification of a mistake apparent from the record in the case of Ambuja Cements Limited Vs ACIT. The case centred around an issue with the applicability of the tax rate under the India-Mauritius Double Taxation Avoidance Agreement (DTAA) and the dismissal of a related ground in an earlier appeal. Analysis: The Tribunal observed that the assessee’s appeal for the assessment year 2010-11, which included a similar issue, was dismissed as not pressed. In contra...