Section 154 Debatable Point of Law is Not a Mistake Apparent from Record

JMD Auto India Pvt. Ltd Vs ACIT (ITAT Mumbai) The issue under consideration is whether decision based on a debatable point of view can be treated as a mistake apparent from the record? ITAT states that the power of rectification u/s 154 of the Act can be exercised only if there is a mistake apparent from the record of the assessment of the assessee. In other words, in order to attract the power to rectify u/s 154, it is not sufficient, if there is merely a mistake in the order sought to be rectified. The mistake could be rectified must be one apparent from the record. The plain meaning of the ...