https://www.taxtmi.com/caselaws?id=282953 The Tribunal upheld the application of the gross profit ratio based on gross purchases, aligning with the Assessing Officer's findings. It clarified that the method used by the CIT(A) was unfair and led to lower profits. The Tribunal emphasized that its order was the result of thorough deliberation and no rectification was needed. The Tribunal reiterated that its power to rectify under section 254(2) is limited to correcting obvious mistakes on the face of the record and not to review its own orders. The Revenue's applications were dismissed, and the Tribunal's decision was pronounced on 06.11.2017. en-us Mon, 06 Nov 2017 00:00:00 +0530 Sat, 31 Aug 2019 16:49:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282953 The Tribunal upheld the application of the gross profit ratio based on gross purchases, aligning with the Assessing Officer's findings. It clarified that the method used by the CIT(A) was unfair and led to lower profits. The Tribunal emphasized that its order was the result of thorough deliberation and no rectification was needed. The Tribunal reiterated that its power to rectify under section 254(2) is limited to correcting obvious mistakes on the face of the record and not to review its own orders. The Revenue's applications were dismissed, and the Tribunal's decision was pronounced on 06.11.2017. Case-Laws Income Tax Mon, 06 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282953