Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
HC held that ITAT exceeded its limited rectification jurisdiction under s.254(2) by effectively reviewing and re-adjudicating the appeal on merits. The Tribunal's rectification order dated 26.03.2013, which recalled its earlier order, reassessed the profit rate and revised the estimated income to 50% of the original assessment, was held to be perverse, illegal and beyond the scope of s.254(2). HC reiterated that s.254(2) permits only correction of mistakes apparent on the face of the record and is not an appeal in disguise. Consequently, the rectification order was set aside and the earlier ITAT order dated 21.09.2011, fixing profit at 5%, was restored.
HC held that ITAT exceeded its limited rectification jurisdiction under s.254(2) by effectively reviewing and re-adjudicating the appeal on merits. The Tribunal's rectification order dated 26.03.2013, which recalled its earlier order, reassessed the profit rate and revised the estimated income to 50% of the original assessment, was held to be perverse, illegal and beyond the scope of s.254(2). HC reiterated that s.254(2) permits only correction of mistakes apparent on the face of the record and is not an appeal in disguise. Consequently, the rectification order was set aside and the earlier ITAT order dated 21.09.2011, fixing profit at 5%, was restored.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
