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…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?
  • Enjoy our website without interruptions from advertisements
  • Receive Daily newsletters
  • Receive realtime Telegram/Whatsapp news updates
  • Download original Judgements / Order / Notifications / Circulars, etc
  • Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
  ₹1599 + GST for 1 year

Subscribe Now

taxscan-loader