2003 (7) TMI 12

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.... and in the circumstances of the case, the Income-tax Appellate Tribunal was justified in law in admitting the miscellaneous application when there was no apparent mistake rectifiable under section 254(2) of the Income-tax Act and directing application of net profit rate of eight per cent subject to interest and depreciation?" The assessee is a civil contractor. He declared his income at Rs. 1,....

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....tioner moved the miscellaneous application and, in the miscellaneous application, the Tribunal has added in its order eight per cent, rate, subject to interest and depreciation, for the assessment year 1993-94 and 1994-95. Heard learned counsel for the parties. While considering the net profit rate, in the appeal order, the Tribunal itself has considered the issue, in detail, in para. 9 of i....

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....e can be made to section 44AD wherein the NP rate of eight per cent, of gross receipts had been considered reasonable in the case of an assessee engaged in the business of civil construction supply of labour for civil construction. This section is not directly applicable to the facts of the case. However, inference can be drawn for reasonability of applicability of the NP rate. Therefore, we direc....