9911796707
TMI Blog2019 (4) TMI 1618X X X X Extracts X X X X X X X X Extracts X X X X ..... - ITAT MUMBAI] As per the settled position of law, though a mistake which is glaring, patent, apparent and obvious from the records is amenable for rectification under sub-section (2) of Sec.254, however, the powers therein vested cannot be exercised for allowing a review of the order. In sum and substance, as the assessee in the case before us is seeking a review of the order passed by the Tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubmitted by the ld. Authorized Representative (for short A.R ) for the assessee applicant that the Tribunal while confirming the addition @ 3% of the aggregate value of the purchases which the assessee claimed to have made from three concerns viz. (i) Mohit Enterprises; (ii) Mayur Exports; and (iii) Prime Star, had omitted to consider the following facts: 1 . Statement of GP Margin on s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t while estimating addition @ 3% of such alleged bogus purchases. , as a result whereof the order passed by the Tribunal suffers from a mistake apparent from record, which thus rendered the same amenable for rectification under Sec.254(2) of the Income Tax, 1961. 3. Per contra, the ld. Departmental Representative (for short D.R ) objected to the application filed by the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and (iii) Prime Star was restricted by the Tribunal to 3% of the aggregate value of such purchases, as against that adopted by the A.O at 12.5%. In fact, the Tribunal had after giving thoughtful consideration upheld the view taken by the CIT(A) and had restricted the additions to the extent of 3% of the aggregate value of the purchases under consideration. In our considered view the assessee by f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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