https://www.taxtmi.com/caselaws?id=450320 The ITAT concluded that the assessee's rectification petition under section 154 of the Income Tax Act, 1961, was not maintainable. The NFAC's reversal of the Assessing Officer's decision was overturned, as the court determined that the high profit rate claimed involved subjective adjudication rather than an apparent mistake. The court emphasized that section 154 is intended for rectifying clear errors on record, not for conducting detailed inquiries. Consequently, the Revenue's appeal was allowed, and the court's interpretation of legal precedents supported this outcome. The judgment was delivered by the Judicial and Accountant Members. en-us Thu, 29 Feb 2024 00:00:00 +0530 Fri, 20 Feb 2026 17:21:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450320 The ITAT concluded that the assessee's rectification petition under section 154 of the Income Tax Act, 1961, was not maintainable. The NFAC's reversal of the Assessing Officer's decision was overturned, as the court determined that the high profit rate claimed involved subjective adjudication rather than an apparent mistake. The court emphasized that section 154 is intended for rectifying clear errors on record, not for conducting detailed inquiries. Consequently, the Revenue's appeal was allowed, and the court's interpretation of legal precedents supported this outcome. The judgment was delivered by the Judicial and Accountant Members. Case-Laws Income Tax Thu, 29 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450320