https://www.taxtmi.com/caselaws?id=256288 The Tribunal partially allowed the Revenue's appeal for the Asstt. Year 2007-08, dismissing the assessee's CO for the same year. However, the Tribunal ruled in favor of the assessee for the Asstt. Years 2000-01, 2004-05, and 2005-06. The Tribunal upheld the addition of gross profit under section 145(3) but restricted it to Rs. 12,50,000. It also limited the deemed dividend under section 2(22)(e) to Rs. 15,44,232. The disallowance of additional depreciation on plant and machinery was upheld. Penalties under section 271(1)(c) for additional income disclosed post-search were canceled based on judicial precedent and specific provisions. en-us Mon, 02 Feb 2015 00:00:00 +0530 Sun, 08 Feb 2015 22:39:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256288 The Tribunal partially allowed the Revenue's appeal for the Asstt. Year 2007-08, dismissing the assessee's CO for the same year. However, the Tribunal ruled in favor of the assessee for the Asstt. Years 2000-01, 2004-05, and 2005-06. The Tribunal upheld the addition of gross profit under section 145(3) but restricted it to Rs. 12,50,000. It also limited the deemed dividend under section 2(22)(e) to Rs. 15,44,232. The disallowance of additional depreciation on plant and machinery was upheld. Penalties under section 271(1)(c) for additional income disclosed post-search were canceled based on judicial precedent and specific provisions. Case-Laws Income Tax Mon, 02 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256288