https://www.taxtmi.com/caselaws?id=237919 The High Court upheld the net profit rate of 3.5% estimated by the Tribunal but ruled that no separate deduction for depreciation would be allowed. The Court held that once the net profit is estimated after rejecting the books of account, no further deductions, including depreciation, are permissible. Consequently, the penalty orders were deemed unsustainable. The Tribunal's decision on the penalty was upheld, and the appeals related to penalty were dismissed, while the appeals related to quantum were partly allowed. en-us Tue, 08 Oct 2013 00:00:00 +0530 Fri, 06 Jun 2014 12:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237919 The High Court upheld the net profit rate of 3.5% estimated by the Tribunal but ruled that no separate deduction for depreciation would be allowed. The Court held that once the net profit is estimated after rejecting the books of account, no further deductions, including depreciation, are permissible. Consequently, the penalty orders were deemed unsustainable. The Tribunal's decision on the penalty was upheld, and the appeals related to penalty were dismissed, while the appeals related to quantum were partly allowed. Case-Laws Income Tax Tue, 08 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237919