DCIT 13(1)(2), MUMBAI vs. UNITED ASPHALTERS P. LTD, MUMBAI

Corrigendum We find that the Tribunal disposed off the aforesaid appeal of the Revenue vide order dated 06/07/2017. During hearing of the remaining appeals of difference Assessment Years including Assessment Years 2009-10, 2 M/s. United Asphalters P. Ltd. (appeal of the assessee), the ld. counsel for the assessee cited order of the Tribunal dated 06/07/2017, wherein an inadvertent typographical error was noticed. The ld. counsel for the assessee, Shri Dharmesh Shah as well as Shri Rajat Mittal, ld. DR, agreed that the mistake may be rectified. Both were heard. After hearing both sides, it was found that due to inadvertent typographical error, some mistake occurred in the order in para 2.12 (page-16 of the order), which is reproduced hereunder:- “2.12. If the observation made in the assessment order, leading to addition made to the total income, conclusion drawn in the impugned order, material available on record, if kept in juxtaposition and analyzed, admittedly, in such type of cases, there is no option but to estimate the profit which depends upon the subjective approach of an individual. However, keeping in view the principle of judicial discipline, ratio laid down in the aforesaid cases (discussed hereinabove), to plug the leakage of revenue, we deem it appropriate to adopt the net profit of 12.50% of the purchases made by the assessee minus the GP, already declared/ shown by the assessee. So far as, the case relied upon by Ld. DR in his written submissions is concerned, that is different on fact as the present assessee is a trader in goods, thus, we affirm the stand of the Ld. Commissioner of Income Tax (Appeal).”