RAJESH TRADE LINK (P.) LTD. Vs. ASSTT. CIT

JUDGEMENT

(1.) ASSESSEE has challenged an order dated 25.5.2012 passed by the Income Tax Appellate Tribunal raising various questions for our consideration. Issue pertains to a disputed sum of Rs. 45,75,000 which the Revenue contended should be added to the income of the assessee. When such issue reached before the Tribunal, the Tribunal though in principle accepted that such amount represented purchases on which octroi was not paid, retained only a sum of Rs. 1,93,202 by way of addition on the premise that considering the GP ratio and turnover of the assessee, the assessees value of investment in such purchases would only be Rs. 1,93,202.

(2.) AGAINST the said order of the Tribunal dated 16.4.2010, we are informed that the Revenue has already preferred Tax Appeal No. 2227 of 2010 which is admitted and pending for final hearing, in which following question has been framed: 'Inspite of specific findings recorded by the Tribunal that the assessee failed to discharge the onus lying on him that the impugned purchases were not unexplained, whether the Tribunal below committed substantial error of law in restricting the addition of Rs. 45,75,000 to only Rs. 1,93,202 by ignoring the provisions contained in section 69 of the Income Tax Act?'

(3.) THE assessee instead of preferring appeal against the said order of the Tribunal filed Misc. Application for rectification on the ground that various issues raised by the assessee were not considered by the Tribunal. In such Misc. Application, the Tribunal passed the impugned order and rejected the assessees request for rectification principally holding that accepting the contention of the assessee would amount to review of the previous order which power the Tribunal does not enjoy under section 254(2) of the Income Tax Act, 1961.