https://www.taxtmi.com/caselaws?id=234654 The tribunal partially allowed the appeal and cross-objections, addressing issues related to the addition on account of gross profit rate under Section 145(3) of the Act. The tribunal reduced the addition made by the Assessing Officer from Rs. 6,99,779 to Rs. 50,000, applying an average gross profit rate of 25.50% for the relevant year. Additionally, the tribunal upheld the deletion of accident-related expenses as revenue expenditure and allowed the disputed expenditure as revenue expenditure under Section 37(1) of the Act. However, the tribunal dismissed the appeal regarding the charging of interest under sections 234A, 234B, 234C, and 234D of the Act. en-us Mon, 27 May 2013 00:00:00 +0530 Thu, 04 Jul 2013 17:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234654 The tribunal partially allowed the appeal and cross-objections, addressing issues related to the addition on account of gross profit rate under Section 145(3) of the Act. The tribunal reduced the addition made by the Assessing Officer from Rs. 6,99,779 to Rs. 50,000, applying an average gross profit rate of 25.50% for the relevant year. Additionally, the tribunal upheld the deletion of accident-related expenses as revenue expenditure and allowed the disputed expenditure as revenue expenditure under Section 37(1) of the Act. However, the tribunal dismissed the appeal regarding the charging of interest under sections 234A, 234B, 234C, and 234D of the Act. Case-Laws Income Tax Mon, 27 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234654