2021 (9) TMI 879

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....S. Rama Rao For the Revenue : Sri Pavitran Kumar ORDER PER A. MOHAN ALANKAMONY, A.M: This Miscellaneous Application is filed by the assessee U/s. 254(2) of the Income Tax Act, 1961 seeking rectification of the Tribunal order dated 17/12/2020 passed in ITA No.351/Hyd/2017 for the A.Y. 2007-08. 2. The assessee in its elaborate Miscellaneous Petition has stated that certain mistakes ha....

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..... AR pleaded that if these mistakes in the Order of the Tribunal are rectified then the addition made by the ld. Revenue Authorities may not be sustainable because assessee had already declared its profit more than 10% of its turnover. The Ld. DR on the other hand submitted that there is no mistake apparent in the order of the Tribunal hence the MA of the assessee may be dismissed. 4. We have h....

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....disclosed in the books of account during the course of survey proceedings U/s. 133A of the Act which has to be treated separately as undisclosed income and therefore, this amount cannot be included while computing the NP ratio of the assessee from its regular disclosed turnover in the books of accounts. Hence, the Net Profit arrived in the order of the Tribunal at 0.33% is in order. 5. As regar....