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2015 (9) TMI 1297 - ITAT LUCKNOWRectification of mistake - Estimation of sales and profit - as objected tribunal has estimated the sale by applying the multiplier of 2.5 times to the licence fee/bid money whereas the facts of the case are quite identical with the case of Govind Pd. Krishan Kumar vs. Jt. CIT (Spl.), Agra but the Assessing Officer has not followed the same and repeated previous assessment order Held that:- Undisputedly, in the instant case, the sale rates are neither notified by the State Government nor fixed by the Excise Department. Therefore, the Tribunal has rightly held that the formula laid down by the Tribunal in the instant case, following the order of the Tribunal in the case of Govind Pd. Krishan Kumar vs. Jt. CIT (Spl.), Agra cannot be applied in the instant case. Therefore, the direction issued by the Tribunal could not be applied with. But in that case, the sales are to be estimated and the Assessing Officer has estimated the sales by applying the multiplier of 2.5 times of licence fee/bid money of ₹ 3,14,53,860/-. Therefore, we are of the view that the Tribunal has correctly applied the formula in the light of the orders of the Tribunal and also the judgment of the Hon'ble M.P. High court in the case of Badri Prasad Bhagwandas & Co vs. CIT (1994 (10) TMI 268 - MADRAS HIGH COURT ), of which reference was made in the case of Govind Pd. Krishan Kumar vs. Jt. CIT (Spl.), Agra (supra). Since the Tribunal has adjudicated the issue in the light of the facts available before it, no error as suggested by the ld. counsel for the assessee, is crept in the order of the Tribunal. No merit in this Miscellaneous Application of the assessee, as no error apparent in the order of the Tribunal is pointed out. The ld. counsel for the assessee has tried to dispute the findings of the Tribunal and seeking a review of the order of the Tribunal which is not permissible under section 254(2) of the Act and we accordingly reject the Miscellaneous Application. - Decided against assessee.
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