ODISHA FOREST DEVELOPMENT CORPORATION LIMITED,BHUBANESWAR vs. DCIT, CORPORATE CIRCLE-1(2), BHUBANESWAR

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ITA 220/CTK/2024Status: DisposedITAT Cuttack14 August 2024AY 2017-182 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal corrected the assessment years to 2014-15 & 2015-16. It also directed the AO to apply a net profit rate of 2.25% on the total turnover, instead of the 5% or 8% previously applied by the AO.

What were the facts?

This is a corrigendum to a previous ITAT order. The original order had a typographical error in mentioning the assessment years and the profit percentage applied by the AO. The corrigendum rectifies these errors.

What were the issues?

The primary issue was a typographical error in the previous order regarding assessment years and the profit rate applied by the Assessing Officer.

AI-generated summary — verify with the full judgment below

Heard together (2 matters)

ITA No.201/CTK/2024
ITA No.200/CTK/2024

Read from the judgment's own cause title. This page is filed under one of them.

order of the Tribunal dated 25th July, 2024 in & 201/CTK/2024 for the Tribunal dated 25 July, 2024 in & 201/CTK/2024 for the assessment years assessment years 2014-2015 and 2015-16 that while disposing of the while disposing of the captioned appeal captioned appeals in cause title the assessment year 2014 cause title the assessment year 2014-15 has not been mentioned and in p mentioned and in para 10 in line 7, the profit percentage as applied by the 7, the profit percentage as applied by the AO is mentioned at 5 AO is mentioned at 5% as against 8%. The error is rectified as under: The error is rectified as under: “In cause title, the Assessment Years be read as “In cause title, the Assessment Years be read as “In cause title, the Assessment Years be read as “2014-14 & 2015- 16” Para 10 of the order be read as under: Para 10 of the order be read as under:

1.

P a g e 1 | 2 & 201/CTK/2024 Assessment Years : 2014-15 & 2015-16 filed for the assessment year 2015-2016, the facts are identical to the appeal in decided by us hereinabove, wherein we have directed the AO to apply the net profit rate of 2.25% as against the net profit rate applied by the AO @ 5% in that year. In view of the above, in this appeal also, we direct the AO to apply the net profit rate @2.25% on the total turnover declared by the assessee at Rs.13,29,60,450/- as against 8% applied by the AO. We order accordingly.”

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