https://www.taxtmi.com/caselaws?id=66995 The ITAT reduced the net profit rate from 15% to 12.5% for estimated charcoal sales, citing the need for consistency unless special circumstances justify a higher rate. In the case of allowing depreciation on a truck registered in another person's name, the ITAT upheld the decision, emphasizing beneficial ownership for tax purposes. The assessee, despite not being the registered owner, was deemed the de facto owner and entitled to depreciation as he controlled and benefitted from the truck. The assessee's appeal was partially allowed, while the Department's appeal was dismissed. en-us Mon, 11 Jun 1979 00:00:00 +0530 Tue, 08 Mar 2011 16:35:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66995 The ITAT reduced the net profit rate from 15% to 12.5% for estimated charcoal sales, citing the need for consistency unless special circumstances justify a higher rate. In the case of allowing depreciation on a truck registered in another person's name, the ITAT upheld the decision, emphasizing beneficial ownership for tax purposes. The assessee, despite not being the registered owner, was deemed the de facto owner and entitled to depreciation as he controlled and benefitted from the truck. The assessee's appeal was partially allowed, while the Department's appeal was dismissed. Case-Laws Income Tax Mon, 11 Jun 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66995