https://www.taxtmi.com/caselaws?id=254222 The High Court upheld the decision of the Income Tax Appellate Tribunal to allow depreciation to the assessee, despite the revenue's challenge. The Court clarified that Section 44 AD did not apply to the assessee due to their gross receipts exceeding the threshold. Additionally, the Court found the reduction of the net profit rate from 10% to 6% justified based on past rates and upheld the Tribunal's decision, dismissing the appeal as no substantial question of law arose from the issue. en-us Thu, 13 Nov 2014 00:00:00 +0530 Tue, 16 Dec 2014 06:29:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254222 The High Court upheld the decision of the Income Tax Appellate Tribunal to allow depreciation to the assessee, despite the revenue's challenge. The Court clarified that Section 44 AD did not apply to the assessee due to their gross receipts exceeding the threshold. Additionally, the Court found the reduction of the net profit rate from 10% to 6% justified based on past rates and upheld the Tribunal's decision, dismissing the appeal as no substantial question of law arose from the issue. Case-Laws Income Tax Thu, 13 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254222