https://www.taxtmi.com/caselaws?id=191010 The Tribunal partly allowed the appeal, sustaining the addition for machinery under Section 56(2)(vii) due to inadequate consideration. The Tribunal directed the AO to tax only the profit from alleged inflated sales, remitting the matter to determine profit based on industry norms. The Tribunal also revised the interest under Section 234C based on the revised liability. en-us Wed, 24 Aug 2016 00:00:00 +0530 Thu, 16 Mar 2017 22:48:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191010 The Tribunal partly allowed the appeal, sustaining the addition for machinery under Section 56(2)(vii) due to inadequate consideration. The Tribunal directed the AO to tax only the profit from alleged inflated sales, remitting the matter to determine profit based on industry norms. The Tribunal also revised the interest under Section 234C based on the revised liability. Case-Laws Income Tax Wed, 24 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191010