https://www.taxtmi.com/caselaws?id=795346 Rectification may correct an error apparent from the record but cannot reopen matters requiring fresh factual investigation or replace an appeal against reassessment. Where the original assessment applied a net-profit rate to differences between Form 26AS receipts and recorded receipts, reassessment could not treat the entire difference as income without finding undisclosed investment. Binding jurisdictional precedent requires assessment of only the appropriate profit element in undisclosed sales receipts. Failure to consider that precedent constitutes an apparent error, requiring reconsideration of the rectification application in the assessee's favour. en-us Tue, 30 Jun 2026 00:00:00 +0530 Tue, 21 Jul 2026 08:32:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=795346 Rectification may correct an error apparent from the record but cannot reopen matters requiring fresh factual investigation or replace an appeal against reassessment. Where the original assessment applied a net-profit rate to differences between Form 26AS receipts and recorded receipts, reassessment could not treat the entire difference as income without finding undisclosed investment. Binding jurisdictional precedent requires assessment of only the appropriate profit element in undisclosed sales receipts. Failure to consider that precedent constitutes an apparent error, requiring reconsideration of the rectification application in the assessee's favour. Case-Laws Income Tax Tue, 30 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795346