TMI Blog2003 (7) TMI 12X X X X Extracts X X X X X X X X Extracts X X X X ..... ation?" - Tribunal has discussed in detail and taken the view of eight per cent, net profit rate, which cannot be said that there is apparent mistake in the order of the Tribunal, which can be corrected in the miscellaneous application moved under section 254(2) of the Act. Therefore, in our considered view, the Tribunal has committed error in allowing the eight per cent, net profit rate, subject ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer noticed that the assessee has disclosed net profit rate of five per cent, and seven per cent, in the assessment years 1993-94 and 1994-95, respectively. That rate was enhanced by the Assessing Officer to 15 per cent, for both the years and in appeal filed before the Commissioner of Income-tax (Appeals), the Commissioner of Income-tax (Appeals) has reduced it to 121/2 per cent. Both the au ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1993-94 and 1994-95, respectively. The Assessing Officer had applied the NP rate of 15 per cent, without relying on any material in the shape of comparable case and similarly the learned Commissioner of Income-tax (Appeals) also reduced it to 12.5 per cent, without relying on any comparable cases. We are of the considered view that the reference to comparable cases at the time of hearing before t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gly to the appellant." Thereafter, on a miscellaneous application, the Tribunal has taken the view that the rate of eight per cent, will be subject to allowance and interest. The miscellaneous application was moved under section 254(2) of the Act for correcting apparent mistake on record. On a perusal of para. 9, wherein the Tribunal has discussed in detail and taken the view of eight per cent ..... X X X X Extracts X X X X X X X X Extracts X X X X
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