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2024 (3) TMI 101 - ITAT NAGPURMaintainability of rectification application - high rate of profit noted in assessee’s line of business when compared to the identical cases of contractors - HELD THAT:- We are afraid that such a question involving subjective adjudication of comparables in the assessee’s line of business could hardly be treated as an instance of rectification u/sec.154 proceedings going in TS Balram, ITO vs. Volkart Bros. [1971 (8) TMI 3 - SUPREME COURT]. Their lordships have settled the law longback that purpose of sec. 154 rectification is only to deal with an apparent mistakes on record than those involving detailed roving enquiries. We further wish to emphasize that the NFAC’s detailed discussion has nowhere reversed the AO’s categoric findings on this legal aspect of maintainability of assessee’s rectification petition. Nor the assessee’s had raised any such ground as per his Form-35 before us. Whether Revenue has wrongly quoted the case law of Goetze (India) Ltd [2006 (3) TMI 75 - SUPREME COURT] wherein their lordships’ made it amply clear that powers of appellate authority(ies) exercising their respective jurisdiction(s) under the provisions of the Act is not impinged upon for the purpose of entertaining a new claim? - We are of the considered view that the said judicial precedent nowhere dealt with an instance of sec. 154 rectification. Be that as it may, once we have concluded that the assessee’s rectification itself is not maintainable in the peculiar facts of the instant case wherein the AO’s clear-cut findings have not been reversed by the NFAC’s, all other aspects deserve to be treated as academic only. Revenue succeeds in it’s first and foremost substantive grievance in very terms. Revenue appeal allowed.
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