1.   [Contribution by  CA. C V Sajan, and contributor is available on Mobile No. 9811211861 / email-id: casajancv@yahoo.co.in ]

An Article on IFRS -financial liabilities

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2.   M/S LACHMAN DASS BHATIA HINGWALA (P.) LTD VERSUS ASSISTANT COMMISSIONER OF INCOME TAX,  WP (C) NOS. 6460/2010, 6461/2010, 6462/2010, 6463/2010, 6464/2010 AND 6465/2010 JUDGMENT RESERVED ON: 26TH NOVEMBER, 2010, THE HIGH COURT OF DELHI AT NEW DELHI

Whether the tribunal has the power to recall the order in entirety under Section 254(2) of the Act. 

(A) The decision rendered in Honda Siel Power Products Ltd., (supra) by the Apex Court is an authority for the proposition that the Income-tax Appellate Tribunal under certain circumstances can recall its own order and there is no absolute prohibition.

(B) In view of the law laid down in Honda Siel Power Products Ltd., (supra) by the Apex Court, the decisions rendered by this Court in K.L. Bhatia (supra), Deeksha Suri (supra), Karan and Co. (supra), J.N. Sahni (supra) and Smt. Baljeet Jolly (supra) which lay down the principle that the tribunal under no circumstances can recall its order in entirety do not lay down the correct statement of law.

(C) Any other decision or authority which has been rendered by pressing reliance on K.L. Bhatia (supra) and the said line of decisions are also to be treated as not laying down the correct proposition of law that the tribunal has no power to recall an order passed by it in exercise of power under Section 254(2) of the Act.

(D) The tribunal, while exercising the power of rectification under Section 254(2) of the Act, can recall its order in entirety if it is satisfied that prejudice has resulted to the party which is attributable to the tribunal‟s mistake, error or omission and which error is a manifest error and it has nothing to do with the doctrine or concept of inherent power of review.

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