9911796707
TMI Blog2014 (1) TMI 751X X X X Extracts X X X X X X X X Extracts X X X X ..... ecord has crept into the same. 2. The learned counsel for the applicant-assessee submitted the income of the assessee from liquor business was determined by the Assessing Officer by resorting to estimation, and on the appeals preferred by the assessee against the determination of such estimated income by the Assessing Officer, the CIT(A) granted certain relief to the assessee by directing estimation of net profit at 3% of the purchase cost. On appeal by the Revenue against such direction of the CIT(A), the Tribunal directed the Assessing Officer to determine the income of the assessee adopting a rate of 5%, net of all deductions, and from the income so determined, no further deduction towards remuneration and interest to partners should be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... partners should be allowed. The use of term 'net of all deductions' and specific direction not to allow separate deduction towards remuneration and interest payments to partners, is nothing but the manner of estimation of income of the assessee approved by the Tribunal for determining the incomes of the assessee for the years under consideration by the Assessing Officer. Such a direction need not specifically arise only on account of any specific ground raised by the Revenue with regard to allowability of deductions towards remuneration and interest payments to partners. In any event, the Tribunal has taken a conscious view in the matter of adopting a method estimation of income, while giving such a direction. That being so, it cannot be te ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion to the enabling or empowering terms of the statute. It has no inherent power. Even otherwise, in cases where specific provision delineates the powers of the court or Tribunal, it cannot draw upon its assumed inherent jurisdiction and pass orders as it pleases. The power of rectification which is specifically conferred on the Tribunal has to be exercised in terms of that provision. It cannot be enlarged on any assumption that the Tribunal has got an inherent power of rectification or review or revision. It is axiomatic that such power of review or revision has to be specifically conferred; it cannot be inferred. Unless there is a mistake apparent from the record in the sense of patent, obvious and clear error or mistake, the Tribunal ca ..... X X X X Extracts X X X X X X X X Extracts X X X X
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