https://www.taxtmi.com/caselaws?id=117192 The Tribunal upheld the CIT(A)'s application of a 7% net profit rate but ruled in favor of the assessee, allowing depreciation based on legal precedents cited during the appeal. The Assessing Officer was directed to permit depreciation in accordance with the law, resulting in a partial allowance of the appeal emphasizing the entitlement to depreciation under legal provisions. en-us Mon, 16 Dec 2002 00:00:00 +0530 Wed, 20 Jun 2012 18:39:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117192 The Tribunal upheld the CIT(A)'s application of a 7% net profit rate but ruled in favor of the assessee, allowing depreciation based on legal precedents cited during the appeal. The Assessing Officer was directed to permit depreciation in accordance with the law, resulting in a partial allowance of the appeal emphasizing the entitlement to depreciation under legal provisions. Case-Laws Income Tax Mon, 16 Dec 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117192