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TMI Blog2010 (9) TMI 1269X X X X Extracts X X X X X X X X Extracts X X X X ..... n 15,5.2009 by the Appellate Tribunal, Bench-'C , Ahmedabad being ITA No. 2742/Ahd/2004 for A.Y.2001-02 whereby the appeal of the Revenue has been partly allowed, 2,1 The brief facts of the case are that the appellant is a partnership firm and engaged in the business as Govt, Contractor. It had filed its return of income for AT.2001-02 on 31.10.2001 declaring total income at ₹ 7,49,984/- together with audited annual accounts. The total contract receipts disclosed were ₹ 1,51,62,748/- out of which the receipts from work given on subcontract were ₹ 1,13,69,558/- with agreement to receive net income at 4% from 2 contractors and of 1% from one sub-contractor. However during the course of assessment proceedings, the AO comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... should be rectified u/s.254(2). It is, therefore, prayed that the order passed by the Tribunal may please be rectified by directing to AO to adopt net profit at 1% on the sub-contract receipts of ₹ 37 lakhs. Needless to say for this act of kindness, the applicant as in duty bound shall for ever pray and remain grateful . 2. At the time of hearing of the aforesaid Miscellaneous Application, on behalf of assessee Shri S.N. Divetia appeared and pointed out that one of the sub-contract works of ₹ 37 lakh was given to M/s. Nirman Infrastructure at a profit margin of only 1%. However, the Tribunal vide order dated 15.05.2009 in para 3 directed the Assessing Officer to compute the net profit @ 4% both on the sub-contract as w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a conscious view keeping in view the past history of the case. The details of sub-contracts is as under :- Name of sub-contractor Amount of sub-contractor % of net profit as per agreement 1. Nirman Infrastructure 73,00,000/- 4% 2. Saraswati Construction 18,00,000/- 4% 3. Nirman Infrastructure 37,00,000/- 1% 5. From the above, it is also pertinent to note that in respect of one of the sub-contractors M/s. Nirman Infrastructure, the net profit of sub-contract as per agreement is 4%, whereas in respect of other contract, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ower to review and the power to rectify a mistake. The point raised in the misc. application submitted by the assessee virtually seeks a review of the order passed by this Tribunal, which is clearly beyond the scope of section 254 (2). 7. In view of the foregoing discussion, we are convinced that there cannot be any dispute with the proposition that power under sub-section (2) of section 254 is to rectify the mistake apparent from the record, but that power does not clothe the Tribunal with the jurisdiction to review of its earlier order or re-write a fresh judgment. By present Miscellaneous Applications assessee virtually seeking review, therefore, the Miscellaneous Application filed by the assessee is rejected. The Order pronounced ..... X X X X Extracts X X X X X X X X Extracts X X X X
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