Rectification was justified in case Tribunal’s ignorance of material on record was a mistake apparent on record

CIT Vs Shree Ganesh Ventures (Madras High Court) Conclusion: Concerning the scope of section 254, ignoring the material already on record on the part of  Tribunal was a mistake apparent on the face of the record. Thus,  Tribunal had rightly recalled its order and rectified the mistake and it had rightly set aside the additions under Section 68. Held: Assessee moved a Miscellaneous Application pointing out about the identity and genuineness of the creditors and that there was also material on record including PAN Numbers, the Invoices from those creditors, etc. but, Tribunal failed to take no...