https://www.taxtmi.com/caselaws?id=214762 The Tribunal dismissed the Revenue's appeal against the deletion of the addition of Gross Profit, citing settled CBDT Circular applicability and previous decisions. The Tribunal found the tax effect below the prescribed limit, leading to the appeal being deemed not maintainable. Despite arguments on notional tax effect exceeding the limit, the Tribunal considered the issue debatable and unsuitable for rectification under the IT Act. The evolving nature and controversies surrounding the issue post-decision led to the dismissal of the Revenue's petition for rectification under Section 254(2) of the IT Act. en-us Fri, 01 Jun 2012 00:00:00 +0530 Wed, 11 Jul 2012 15:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214762 The Tribunal dismissed the Revenue's appeal against the deletion of the addition of Gross Profit, citing settled CBDT Circular applicability and previous decisions. The Tribunal found the tax effect below the prescribed limit, leading to the appeal being deemed not maintainable. Despite arguments on notional tax effect exceeding the limit, the Tribunal considered the issue debatable and unsuitable for rectification under the IT Act. The evolving nature and controversies surrounding the issue post-decision led to the dismissal of the Revenue's petition for rectification under Section 254(2) of the IT Act. Case-Laws Income Tax Fri, 01 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214762