https://www.taxtmi.com/caselaws?id=179371 The Tribunal partly allowed the appeal, directing the estimation of income based on the average rate of assessed income before depreciation and interest for the last three years. It emphasized allowing deductions for interest and depreciation after estimating income and held that further additions under certain sections were incorrect once income was estimated. The total income should not be lower than the returned income, and specific principles were outlined regarding the treatment of insurance claims and liquidated damages. en-us Fri, 04 May 2012 00:00:00 +0530 Wed, 09 Aug 2017 20:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179371 The Tribunal partly allowed the appeal, directing the estimation of income based on the average rate of assessed income before depreciation and interest for the last three years. It emphasized allowing deductions for interest and depreciation after estimating income and held that further additions under certain sections were incorrect once income was estimated. The total income should not be lower than the returned income, and specific principles were outlined regarding the treatment of insurance claims and liquidated damages. Case-Laws Income Tax Fri, 04 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179371