https://www.taxtmi.com/caselaws?id=795346 Non-consideration of binding jurisdictional precedent in reassessment constitutes an error apparent from the record and may be corrected through rectification. Although rectification cannot reopen issues requiring fresh factual investigation or replace an appeal, the assessment record had already addressed the mismatch between Form 26AS receipts and books by applying a net-profit rate. The notes state that unrecorded sales receipts cannot be assessed entirely as income without a finding of undisclosed investment; only the appropriate profit element may be taxed. Rejection of the rectification application was therefore unsustainable and required reconsideration under the binding precedent. 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 Non-consideration of binding jurisdictional precedent in reassessment constitutes an error apparent from the record and may be corrected through rectification. Although rectification cannot reopen issues requiring fresh factual investigation or replace an appeal, the assessment record had already addressed the mismatch between Form 26AS receipts and books by applying a net-profit rate. The notes state that unrecorded sales receipts cannot be assessed entirely as income without a finding of undisclosed investment; only the appropriate profit element may be taxed. Rejection of the rectification application was therefore unsustainable and required reconsideration under the binding precedent. Case-Laws Income Tax Tue, 30 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795346