https://www.taxtmi.com/caselaws?id=180712 The Tribunal partially allowed the appeal, directing the Assessing Officer to reconsider the additions made under section 50C of the Income Tax Act and on account of low Gross Profit. The Tribunal emphasized the importance of awaiting the report of the District Valuation Officer before finalizing assessments under section 50C and suggested that guidance from section 44AF should be considered in cases of disputed profits. The addition of LIC loan interest as non-business purpose was upheld, and the appeal was decided on 29th July 2011. en-us Fri, 29 Jul 2011 00:00:00 +0530 Thu, 31 Mar 2016 18:09:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180712 The Tribunal partially allowed the appeal, directing the Assessing Officer to reconsider the additions made under section 50C of the Income Tax Act and on account of low Gross Profit. The Tribunal emphasized the importance of awaiting the report of the District Valuation Officer before finalizing assessments under section 50C and suggested that guidance from section 44AF should be considered in cases of disputed profits. The addition of LIC loan interest as non-business purpose was upheld, and the appeal was decided on 29th July 2011. Case-Laws Income Tax Fri, 29 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180712