Judgment

C.K. Thakker, J. —

1.The present appeal is directed against the Judgment and Order passed by the High Court of Gujarat, Ahmedabad on March 31, 2003 in Special Civil Application No. 1247 of 2000 [Assistant Commissioner of Income-Tax v. Saurashtra Kutch Stock Exchange Ltd., (2003) 262 ITR 146]. By the said Judgment, the High Court confirmed the Order passed by the Income Tax Appellate Tribunal, Ahmedabad on September 5, 2001 in Misc. Application NO. 31/Rjt/2000. By the said Order, the Tribunal held that there was a ‘mistake apparent from the record’ within the meaning of sub-section (2) of Section 254 of the Income Tax Act, 1961 and accordingly, it recalled its earlier Order passed on October 27, 2000 in ITA No. 69/Rjt/2000.

2.Shortly stated the facts of the case are that Saurashtra Kutch Stock Exchange Ltd.- respondent herein is an assessee under the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’). It is a Company registered under Section 25 of the Companies Act, 1956. The assessee is a ‘Stock Exchange’ duly recognized under the Securities Contracts (Regulation) Act, 1956. As a ‘Stock Exchange’, it is a ‘charitable institution’ entitled to exemption under Sections