https://www.taxtmi.com/caselaws?id=371198 The Tribunal adjusted the net profit rate from 8% to 5.75% considering past history and judicial precedents. The addition under Section 41(1) for cessation of liability was deleted as conditions were not met. The disallowance of statutory depreciation claim was upheld. The Income Tax refund was confirmed as taxable income, while the Trade Tax refund addition was disallowed. The penalty under Section 271(1)(c) was deleted as the basis for it was removed. en-us Wed, 10 Oct 2018 00:00:00 +0530 Fri, 30 Nov 2018 07:24:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371198 The Tribunal adjusted the net profit rate from 8% to 5.75% considering past history and judicial precedents. The addition under Section 41(1) for cessation of liability was deleted as conditions were not met. The disallowance of statutory depreciation claim was upheld. The Income Tax refund was confirmed as taxable income, while the Trade Tax refund addition was disallowed. The penalty under Section 271(1)(c) was deleted as the basis for it was removed. Case-Laws Income Tax Wed, 10 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371198