https://www.taxtmi.com/caselaws?id=465290 ITAT allowed the Revenue's rectification petition, holding that its earlier order proceeded on an erroneous assumption that the Assessing Officer had applied an 8% gross profit rate in the remand assessment. In fact, no uniform rate was applied; the Assessing Officer had granted a lump-sum reduction of one-third of the income determined in the original block assessment. Treating this as a mistake apparent from the record, ITAT recalled its direction to adopt a 5% profit rate and instead aligned the assessment with the lump-sum approach. It directed that the assessee's income be fixed at 50% of the original assessed income, thereby partly allowing the assessee's appeal and the Revenue's petition. en-us Tue, 26 Mar 2013 00:00:00 +0530 Mon, 15 Dec 2025 14:25:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465290 ITAT allowed the Revenue's rectification petition, holding that its earlier order proceeded on an erroneous assumption that the Assessing Officer had applied an 8% gross profit rate in the remand assessment. In fact, no uniform rate was applied; the Assessing Officer had granted a lump-sum reduction of one-third of the income determined in the original block assessment. Treating this as a mistake apparent from the record, ITAT recalled its direction to adopt a 5% profit rate and instead aligned the assessment with the lump-sum approach. It directed that the assessee's income be fixed at 50% of the original assessed income, thereby partly allowing the assessee's appeal and the Revenue's petition. Case-Laws Income Tax Tue, 26 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465290