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Issues:
1. Rectification of orders passed by the Tribunal. 2. Method of accounting followed by the assessee. 3. Validity of re-assessment proceedings. 4. Barred assessment years. 5. Failure to disclose material facts. Detailed Analysis: 1. The assessee filed a petition seeking rectification of orders passed by the Tribunal, citing mistakes in the order that were apparent from the record. The Tribunal considered the arguments raised by the assessee during the appeal, focusing on the method of accounting, observations of the Delhi High Court, and the existence of sufficient material to support the assessee's contentions. The assessee also argued that the system of accounting had been accepted for subsequent assessment years and raised concerns about certain assessment years becoming time-barred under Section 148 of the Act. 2. The assessee summarized arguments related to the method of accounting, citing the hybrid system of accounting and previous Tribunal rulings. The counsel referred to various court rulings emphasizing the duty of the Tribunal to consider all facts and the consequences of improperly rejecting evidence. The assessee highlighted the importance of disclosing all material facts and argued that the order should be rectified or recalled for a fresh hearing based on the facts presented. 3. The Departmental Representative argued that the petition was intended for a review of the Tribunal's order, which was beyond the scope of the Act. It was contended that the assessee failed to disclose the method of accounting followed, leading to a lack of examination by the ITO. The representative emphasized that the mere presence of income in the P&L account did not infer the method of accounting and asserted that the petition lacked substance and should be rejected. 4. The Tribunal carefully considered both parties' contentions and the main order, noting that the ITO had not examined the method of accounting followed by the assessee. The Tribunal emphasized that the assessee's failure to specifically disclose the method of accounting prevented the ITO from being aware of it. The Tribunal analyzed the arguments regarding the return of income form and the failure to disclose material facts, concluding that the re-opening of the assessment was justified based on the facts presented. 5. The Tribunal addressed the arguments on the merits of the system of accounting and the validity of re-assessment proceedings. It was noted that the method of accounting for the relevant assessment years was yet to be determined, and a comparison with the special bench's decision would be necessary. The Tribunal also highlighted the lack of findings regarding the barred assessment years, directing further examination on this issue. The miscellaneous application was allowed in part based on the analysis and conclusions drawn from the presented facts and arguments.
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