https://www.taxtmi.com/caselaws?id=67443 The Tribunal dismissed departmental appeals, ruling that Rule 2B(2) cannot be applied based solely on gross profit rates. It held the revenue must prove market value exceeding book value by over 20%. Exemptions under section 5(1)(xxxii) and deductions for tax liabilities from the Voluntary Disclosure Scheme were upheld. Assessments under section 17(1)(b) reopening were not addressed due to a favorable decision on merits, resulting in the appeals being dismissed. en-us Fri, 24 Aug 1984 00:00:00 +0530 Thu, 10 Mar 2011 16:23:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67443 The Tribunal dismissed departmental appeals, ruling that Rule 2B(2) cannot be applied based solely on gross profit rates. It held the revenue must prove market value exceeding book value by over 20%. Exemptions under section 5(1)(xxxii) and deductions for tax liabilities from the Voluntary Disclosure Scheme were upheld. Assessments under section 17(1)(b) reopening were not addressed due to a favorable decision on merits, resulting in the appeals being dismissed. Case-Laws Wealth-tax Fri, 24 Aug 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67443