https://www.taxtmi.com/caselaws?id=326627 The Court dismissed the appeal filed by the Contractor against the addition of unexplained cash credit and the application of a net profit rate of 8%. The Court held that depreciation should not have been separately allowed based on a Circular from 1965, as the appellant did not raise this issue before the authorities earlier. The second issue regarding double taxation was not discussed as the appellant's counsel conceded it did not arise. The Court emphasized the importance of raising all relevant arguments before lower authorities to avoid introducing new issues during the appeal process. en-us Tue, 15 Mar 2016 00:00:00 +0530 Thu, 21 Apr 2016 10:20:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326627 The Court dismissed the appeal filed by the Contractor against the addition of unexplained cash credit and the application of a net profit rate of 8%. The Court held that depreciation should not have been separately allowed based on a Circular from 1965, as the appellant did not raise this issue before the authorities earlier. The second issue regarding double taxation was not discussed as the appellant's counsel conceded it did not arise. The Court emphasized the importance of raising all relevant arguments before lower authorities to avoid introducing new issues during the appeal process. Case-Laws Income Tax Tue, 15 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326627