https://www.taxtmi.com/caselaws?id=216127 The appeal was dismissed, affirming the estimation of net profit at 10% based on incriminating documents and the appellant's admission. The court upheld the disallowance of the depreciation claim and rejected the comparison with other assesses' assessment orders due to distinct factual circumstances. The appellant's retraction of the statement made during the survey was deemed an afterthought to evade tax consequences, leading to the acceptance of the estimated profit rate. The application of Section 145(3) of the IT Act was justified due to significant irregularities in the appellant's accounts. en-us Tue, 12 Jun 2012 00:00:00 +0530 Mon, 27 Aug 2012 10:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216127 The appeal was dismissed, affirming the estimation of net profit at 10% based on incriminating documents and the appellant's admission. The court upheld the disallowance of the depreciation claim and rejected the comparison with other assesses' assessment orders due to distinct factual circumstances. The appellant's retraction of the statement made during the survey was deemed an afterthought to evade tax consequences, leading to the acceptance of the estimated profit rate. The application of Section 145(3) of the IT Act was justified due to significant irregularities in the appellant's accounts. Case-Laws Income Tax Tue, 12 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216127