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2019 (7) TMI 1512 - AT - Income TaxRectification of mistake - retention money assessment - HELD THAT:- There were two appeals filed by the assessee for the same Assessment Year 2007-08, which were arising out of separate proceedings. A mistake crept into the order of the Tribunal as the Ground No. 3.2. was not disposed off. The ITAT has wrongly recorded that the assessee has not challenged this issue of the ld. CIT(A) adopting the net profit rate on the retention amount in question as income, though the assessee had taken a specific ground against this issue. Hence this mistake which is apparent on record has to be rectified. Accrual of income - retention money exclusion or inclusion from income - HELD THAT:- As following the binding judgment of the Hon’ble Jurisdictional High Court in the case of CIT vs. Simplex Concrete Piles (India) Limited [1988 (12) TMI 52 - CALCUTTA HIGH COURT] the act of the ld. CIT(A) in restricting the exclusion of the retention money has to be held as contrary to the judgment of the Hon’ble Jurisdictional High Court. order of the ITAT is hereby rectified stating CIT(A) was wrong in bringing to tax part of the retention money in question. Hence these grounds of the assessee are allowed and the addition on account of retention money is hereby deleted in full.
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