https://www.taxtmi.com/caselaws?id=251474 The High Court allowed the deduction of depreciation from the net profit rate while rejecting the deduction of interest paid on borrowed capital. The court upheld the reasonableness of the 10% net profit rate applied by the Income Tax Appellate Tribunal, deciding against the assessee on all three issues raised in the appeal. en-us Mon, 04 Aug 2014 00:00:00 +0530 Mon, 15 Sep 2014 10:01:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251474 The High Court allowed the deduction of depreciation from the net profit rate while rejecting the deduction of interest paid on borrowed capital. The court upheld the reasonableness of the 10% net profit rate applied by the Income Tax Appellate Tribunal, deciding against the assessee on all three issues raised in the appeal. Case-Laws Income Tax Mon, 04 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251474