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2020 (3) TMI 570 - AT - Income TaxRectification of mistake u/s 254 - percentage of g.p. of the assessee co. was 3.40% in the assessment year 2007-08 and the same was restricted to 3.30% in case of unaccounted turnover in that year but book result as declared by the assessee co. was neither disturbed by the AO nor by any of the appellate authority - HELD THAT:- We are unable to accept this contention of the assessee in view of the finding of fact recorded by the ld. CIT(A) that the facts and circumstances for the assessment year 2007-08 were entirely different from the facts and circumstances of the year under appeal. Hence, the profit adopted for that year cannot mechanically be adopted for the year under appeal as this Tribunal has already considered the facts on record and expressed its view. The case-laws relied upon by the assessee are not applicable to the facts of the present case as the powers of Tribunal u/s 254(2) of the Act for rectification of mistake are not wide enough to revisit consciously taken decision. The assessee by way of present application is seeking review of order, which is not permissible under the law. See Karan & Co [2001 (7) TMI 48 - DELHI HIGH COUR ] , NIRANJAN AND CO. LIMITED [1979 (3) TMI 24 - CALCUTTA HIGH COURT] If such prayer is allowed then in every case, where the assessee is not satisfied with the finding of the Tribunal, the MA will be filed. In our considered view, powers u/s 254(2) are very limited which could only be exercised to rectify any mistake or fact apparent from the record. But, where the Tribunal has applied its mind and comes to a particular conclusion then disturbing such finding would tantamount to review the order. Such exercise would even be contrary the scheme of Act as the order of Tribunal is appealable u/s 260A of the Act before the Hon'ble High Court. In view of these facts, the miscellaneous petition filed by the assessee has no merit.
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