COMMISSIONER OF INCOME TAX Vs. BANNA LAL JAT

JUDGEMENT

(1.) THE appeal was admitted in terms of the following question of law :

(2.) THE assessee is a civil contractor. He declared his income of Rs. 1,32,010. THE assessment was made under s. 143(3) of the IT Act, 1961 (hereinafter referred to as `the Act of 1961').

(3.) ON perusal of para 9, wherein the Tribunal has discussed in detail and taken the view of 8 per cent net profit rate, which cannot be said that there is apparent mistake in para 9 of the order of the Tribunal, which can be corrected in the miscellaneous application moved under s. 254(2) of the Act. Therefore, in our considered view, the Tribunal has committed error in allowing the 8 per cent net profit rate, subject to depreciation and interest.