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2014 (1) TMI 904 - AT - Income TaxRecall of order – Rectification of mistake apparent on record u/s 254 of the Act – Held that:- The issue has already been decided in the case of Teja Construction [2014 (1) TMI 832 - ITAT HYDERABAD] and the Assessing Officer is directed to estimate the income of the assessee, i.e., directing the Assessing Officer to estimate the income of the assessee @ 9% on own contract works, 8% on contracts taken by assessee on subcontracts and @ 5% on contracts given by the assessee to 3rd party on subcontracts and directing the Assessing Officer to allow remuneration, interest on pital and depreciation out of estimated income - In CIT vs. Pearl Woollen Mills [2009 (11) TMI 48 - PUNJAB AND HARYANA HIGH COURT] it has been held that Statutory authority cannot exercise power of review unless such power is expressly conferred - There is no express power of review conferred on the Tribunal - the scope of review does not extent to re- hearing of the case on merit - The scope and ambit of application of section 254(2) is very limited – Decided against Assessee.
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