https://www.taxtmi.com/caselaws?id=68374 In rectification proceedings under section 254(2), the ITAT held that an omission in its earlier appellate order could be corrected where it prevented the order from operating with proper consequential effect. In contractor cases assessed on a net profit rate, separate allowance of depreciation, interest to third parties, and partner-related interest may reduce assessed income below returned income; the omitted clarificatory direction was treated as a patent mistake apparent from the record. The Tribunal therefore modified the earlier order to direct that, if the assessed income after giving effect fell below the returned income, the Assessing Officer must restrict it to the returned income. en-us Mon, 28 May 2001 00:00:00 +0530 Tue, 29 Mar 2011 15:50:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68374 In rectification proceedings under section 254(2), the ITAT held that an omission in its earlier appellate order could be corrected where it prevented the order from operating with proper consequential effect. In contractor cases assessed on a net profit rate, separate allowance of depreciation, interest to third parties, and partner-related interest may reduce assessed income below returned income; the omitted clarificatory direction was treated as a patent mistake apparent from the record. The Tribunal therefore modified the earlier order to direct that, if the assessed income after giving effect fell below the returned income, the Assessing Officer must restrict it to the returned income. Case-Laws Income Tax Mon, 28 May 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68374