2023 (7) TMI 978

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....e Tax Appellate Tribunal Rules, 1962 (for short 'ITAT Rules') sought to rectify the mistake apparent on record in the order dated 14.05.2019 passed by the Tribunal in ITA No.3168/M/2016 for A.Y 2011-12 on the grounds inter-alia that the Bench while passing order (supra) summarized the argument addressed by the Ld. A.R. for the assessee in para 8 and para 13 of the order (supra) but in the operative part the Bench proceeded to rely on the order of this Tribunal passed in assessee's own case for the assessment year 2003-04 and gave a similar direction to the respondent; that in the face of the non consideration of the argument made and non adjudication of the specific grounds raised in the appeal present application is moved and relied upon t....

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....nal concluded that the A.O was justified in estimating the profits on the total receipts of the completed projects and as per the percentage completion method in case of the incomplete projects. Further, the A.O was directed to restrict the estimation of profits based on the completion of the work of the project that was regularly followed by the assessee, instead of total advances received in this regard. Accordingly, the A.O giving effect to the said directions of the Tribunal had vide his order passed u/s 143(3) r.w.s 254, dated 13.12.2011 for A.Y 2003-04 worked out the sale receipts at Rs. 4,25,83,906/- and after applying the profit rate of 12%, worked out the income of the assessee. 13. In the course of the hearing of the appe....

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....s per the percentage completion method in case of the incomplete projects. Also, the A.O is directed to restrict the estimation of profits based on the completion of the work of the project, as had regularly been followed by the assessee in the past, instead of total advances received in this regard. We thus in terms of our aforesaid observations restore the matter to the file of the A.O for giving effect to our aforesaid directions. 15. The appeal of the assessee is partly allowed." 5. So far as first contention raised by the applicant-assessee that the "Bench while passing the order(supra) summarized the argument addressed by the Ld. A.R. for the assessee in para 8 and para 13 of the order (supra) but in the operative part the....