Profit Embedded amount Purchase would be Subjected to Tax: ITAT directs AO to restrict Addition of Rs. 16.8 crores [Read Order]

The profit element embedded therein would be subject to tax
Profit Embedded amount Purchase - Subjected to Tax - ITAT - AO to restrict - TAXSCAN

The Hyderabad bench of the Income Tax Appellate Tribunal ( ITAT ) directed the Assessing Officer to limit the addition of Rs. 16.8 crores, indicating that the profit-embedded amount from the purchase would be subjected to tax. The assessee Sangam Wires firm was engaged in the business of trading in high tensile steel wires and…

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