ASSISTANT COMMNR., INCOME TAX, RAJKOT vs SAURASHTRA KUTCH STOCK EXCHANGE LTD

The Supreme Court upheld the decision of the Income Tax Appellate Tribunal under Section 254(2) of the Income Tax Act, 1961, confirming that a 'mistake apparent from the record' justified the rectification of the Tribunal's earlier order. The Court emphasized that the assessee, Saurashtra Kutch Stock Exchange Ltd., was entitled to exemption under Sections 11 and 12 of the Act as a charitable institution, despite initial registration issues. The appeal was dismissed, affirming the Tribunal's rectification order and the High Court's ruling.