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2014 (9) TMI 56 - HC - Income TaxApplication u/s 154 – Rectification of order - Reconsideration of turnover – Held that:- The assessee through this application u/s 154 before the AO sought reconsidering and re-determining the turnover, which was confirmed by the Tribunal on which there being no dispute which has already attained finality as income has been computed and reduction has been ordered by Tribunal by computing commission/brokerage @ 0.6% on the turnover determined and question of change in turnover has not been raised before CIT(A) or before Tribunal in earlier proceedings by way of any permissible mode and the action of the assessee to seek interference in already settled issue up to ITAT level is not permissible u/s 154. The Tribunal has observed that the figure represents genuine as well as fictitious turnover - This was the basis on which the entire appellate proceedings were heard and decided - there is merit in the submission of the Revenue, which was accepted by the Tribunal that the subject matter of appeal at that time included in its ambit the question of turnover involved and the observations of the Tribunal cannot be read in isolation, but meaningfully without indulging in semantics - what the assessee wants and seeks, by way of rectification, is re-examination of entire bank accounts and re-computation of the turnover - the assessee wants enquiry on whether or not the assessee had received commission even when cheques had bounced or whether commission was paid on the transactions which had been made through the stock exchange - the Tribunal made it clear that 0.6% rate of commission would apply to the entire transaction of ₹ 104.76 crores including the transactions which were genuine, i.e. the transactions which were recorded in the stock exchange - this cannot be undertaken in exercise of power u/s 154 - the order passed by the Tribunal rejecting the application u/s 154 cannot be interfered – Decided against Assessee.
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