2005 (2) TMI 29

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....pondents. Learned counsel for the respondents waives service. By consent taken for hearing. By this petition, the petitioner is challenging the order dated August 28, 2003, passed by the Tribunal with regard to a miscellaneous petition filed by the petitioner for rectification of mistake under section 254(2) of the Income-tax Act, 1961. The Income-tax Appellate Tribunal had passed an order o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ils of each and every transaction of purchase and sale and GP thereon, which has not been looked into by any of the authorities at any stage. The total transactions of purchase, sale and GP are about 485 out of which, there are only about 21 transactions of purchase and sale, where GP is ranging between 7 per cent, and 8 per cent. Therefore, the observations that GP of 7.26 per cent were as per ma....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....003, was passed. Learned counsel for the petitioner also pointed out that various factual errors were pointed out to the Tribunal, but some have not been properly considered by the Tribunal. Shri Shivram emphasised that the total transactions of purchase, sale and GP are about 485 and out of which only in about 21 transactions of purchase and sale, the GP is ranging between 7 and 8 per cent. He....