https://www.taxtmi.com/caselaws?id=391827 The High Court upheld the Tribunal's decision regarding profit restriction for the assessment year 1999-2000. The Court found that the modified grounds raised by the petitioner did not introduce any new issues and were a reiteration of the core matter of profit restriction. Emphasizing that rectification under Section 254(2) of the Income Tax Act is limited to mistakes apparent from the record, the Court dismissed the petitioner's application for review and rehearing. The Court deemed the Writ Petition as not bonafide, imposing a cost of Rs. 10,000 on each petitioner to be paid to the Maharashtra State Legal Services Authority within two months. en-us Fri, 31 Jan 2020 00:00:00 +0530 Wed, 04 Mar 2020 17:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391827 The High Court upheld the Tribunal's decision regarding profit restriction for the assessment year 1999-2000. The Court found that the modified grounds raised by the petitioner did not introduce any new issues and were a reiteration of the core matter of profit restriction. Emphasizing that rectification under Section 254(2) of the Income Tax Act is limited to mistakes apparent from the record, the Court dismissed the petitioner's application for review and rehearing. The Court deemed the Writ Petition as not bonafide, imposing a cost of Rs. 10,000 on each petitioner to be paid to the Maharashtra State Legal Services Authority within two months. Case-Laws Income Tax Fri, 31 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391827