https://www.taxtmi.com/caselaws?id=67976 The ITAT allowed the assessee's appeal, dismissing the revenue's appeal and deeming the cross objection by the assessee as infructuous. The main issue was the applicability of section 145(2) and confirmation of the gross profit rate at 17%. The ITAT determined a reasonable gross profit rate of 12%, leading to the deletion of the addition made by the ITO. Additionally, the ITAT allowed the full depreciation claim on vehicles used for business purposes and remitted a new ground of appeal related to section 40A(8) back to the CIT(A) for consideration. en-us Mon, 16 Nov 1987 00:00:00 +0530 Wed, 16 Mar 2011 11:44:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67976 The ITAT allowed the assessee's appeal, dismissing the revenue's appeal and deeming the cross objection by the assessee as infructuous. The main issue was the applicability of section 145(2) and confirmation of the gross profit rate at 17%. The ITAT determined a reasonable gross profit rate of 12%, leading to the deletion of the addition made by the ITO. Additionally, the ITAT allowed the full depreciation claim on vehicles used for business purposes and remitted a new ground of appeal related to section 40A(8) back to the CIT(A) for consideration. Case-Laws Income Tax Mon, 16 Nov 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67976