https://www.taxtmi.com/caselaws?id=349997 The Tribunal held that the appeal filed by the Revenue was not maintainable as the tax effect, excluding surcharge and education cess, fell below the prescribed limit of Rs. 10 lakhs for the Assessment Year 2011-12. Additionally, in the case concerning the estimation of profit in the IMFL business, the Tribunal directed the Assessing Officer to calculate the profit at 5% of the purchase price, considering market conditions and precedents. The appeal by the assessee was partly allowed based on this recalculated profit margin. en-us Wed, 25 Oct 2017 00:00:00 +0530 Fri, 27 Oct 2017 12:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349997 The Tribunal held that the appeal filed by the Revenue was not maintainable as the tax effect, excluding surcharge and education cess, fell below the prescribed limit of Rs. 10 lakhs for the Assessment Year 2011-12. Additionally, in the case concerning the estimation of profit in the IMFL business, the Tribunal directed the Assessing Officer to calculate the profit at 5% of the purchase price, considering market conditions and precedents. The appeal by the assessee was partly allowed based on this recalculated profit margin. Case-Laws Income Tax Wed, 25 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349997