Dismissing the petition the Court held that , the Tribunal has applied net profit rate of 10% following the jurisdictional Bench decision in the case of Pooja Construction Company v.CIT ( ITA No.750/Asr/1992 and not the judgement cited by the assessee in the case of Mohan Singh contractor v.ITO ( ITA No. 59 /Asr /2012 . Court held that, Tribunal used jurisdictional discretion which cannot be rectified .( AY.2010-11)
Ajay Kappor v.CIT ( 2018) 165 DTR 433 / 302 CTR 431/ 256 Taxman 20( J& K) (HC)
S. 254(2): Appellate Tribunal-Rectification of mistake apparent from the record –Net profit rate at 10% is applied – Followed the jurisdictional Bench decision and not the judgement cited by the assessee- Tribunal used jurisdictional discretion which cannot be rectified .