https://www.taxtmi.com/caselaws?id=292299 The Tribunal rejected the partnership firm's Miscellaneous Application seeking rectification of an order on business income computation for the assessment year 2001-2002. The firm contested the Tribunal's directive to apply a 4% profit margin on subcontract receipts, specifically citing a 1% margin on a Rs. 37 lakh sub-contract. The Tribunal upheld its original order, distinguishing rectification from review processes and emphasizing the limits of its rectification powers under section 254(2) of the Act. The decision was pronounced by the Appellate Tribunal ITAT Ahmedabad on 30.09.2010. en-us Thu, 30 Sep 2010 00:00:00 +0530 Fri, 18 Dec 2020 11:37:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292299 The Tribunal rejected the partnership firm's Miscellaneous Application seeking rectification of an order on business income computation for the assessment year 2001-2002. The firm contested the Tribunal's directive to apply a 4% profit margin on subcontract receipts, specifically citing a 1% margin on a Rs. 37 lakh sub-contract. The Tribunal upheld its original order, distinguishing rectification from review processes and emphasizing the limits of its rectification powers under section 254(2) of the Act. The decision was pronounced by the Appellate Tribunal ITAT Ahmedabad on 30.09.2010. Case-Laws Income Tax Thu, 30 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292299