https://www.taxtmi.com/caselaws?id=342511 The Tribunal dismissed the Revenue's appeal and the assessee's appeal and cross-objection. The validity of proceedings under Section 153A/143(3) of the Income Tax Act was upheld, the reduction of the gross profit rate from 4% to 1.5% was deemed appropriate, the addition of Rs. 34 lakhs as undisclosed investment in land was dismissed, and the issue of peak credit determination for the assessment year 2008-09 was found infructuous. The Tribunal's decision was based on various considerations and legal precedents, leading to the dismissal of all appeals and cross-objections. en-us Wed, 03 May 2017 00:00:00 +0530 Sat, 06 May 2017 07:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342511 The Tribunal dismissed the Revenue's appeal and the assessee's appeal and cross-objection. The validity of proceedings under Section 153A/143(3) of the Income Tax Act was upheld, the reduction of the gross profit rate from 4% to 1.5% was deemed appropriate, the addition of Rs. 34 lakhs as undisclosed investment in land was dismissed, and the issue of peak credit determination for the assessment year 2008-09 was found infructuous. The Tribunal's decision was based on various considerations and legal precedents, leading to the dismissal of all appeals and cross-objections. Case-Laws Income Tax Wed, 03 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342511