2019 (1) TMI 605

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....acts are as under: Petitioner-assessee is a company. The petitioner had filed a return of income for the assessment year 200102 declaring loss of Rs. 3.67 crores (rounded off). The Assessing Officer passed the order of assessment assessing the assessee's income for the said assessment year at Rs. 34.63 lakhs (rounded off). This issue eventually reached the Tribunal. The Tribunal by an order dated 22nd August, 2008 reduced the assessee's income to Nil. In this order, the Tribunal confirmed the Assessing Officer's view of rejecting the book result, but did not find any basis for applying net profit rate of 10%. This judgment of the Tribunal has achieved finality. 3. The department instituted penalty proceeding. The Assessing....

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....e Securities Ltd. (2013) 33 taxmann.com 118 (Gujarat) and held that not noticing a binding judgment would give rise to a rectifiable mistake. The Tribunal eventually recalled its earlier order and posted the appeal for fresh hearing. 5. We have heard learned counsel for the parties at considerable length. We are conscious of the decision of this court in case of Chem Amit Vs. Assistant Commissioner of Income-tax (2005) 272 ITR 397 (Bom) holding that if the order of rectification results in a fresh order passed in appeal, the same would give rise to an appellate order. However, in the present case after allowing the revenue's rectification application, recalling its order, the Tribunal did not proceed further to pass a fresh order in ....