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of <h1>Guidance on Depreciation Claims: Provide Required Details or Face Higher Profit Estimates Under 1922 Act Income Tax Returns.</h1> The circular addresses the issue of depreciation claims in income tax returns where required particulars are not furnished. It highlights instances where depreciation claims were not considered due to improperly maintained books, leading to profit estimation under the 1922 Act. The Board advises that when estimating profits, if the prescribed particulars are provided, depreciation should be separately calculated and deducted. If particulars are missing and no depreciation claim is made, income should be estimated without depreciation, resulting in a higher net profit estimate. The written-down value of assets remains unchanged if depreciation isn't allowed.
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