https://www.taxtmi.com/caselaws?id=182431 After rejection of the books, subcontract income was estimated at 5% rather than a higher rate, with the lower margin justified by the assessee's status as a subcontractor and by earlier tribunal approaches to similar work. The estimated-profit framework was treated as the governing basis for assessment, and the higher estimation proposed by the Revenue was not accepted. On the separate depreciation claim, the tribunal applied the principle that no further deduction is allowable once income is computed on an estimated basis, so depreciation was denied independently. en-us Tue, 30 Jul 2013 00:00:00 +0530 Mon, 30 Sep 2024 18:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182431 After rejection of the books, subcontract income was estimated at 5% rather than a higher rate, with the lower margin justified by the assessee's status as a subcontractor and by earlier tribunal approaches to similar work. The estimated-profit framework was treated as the governing basis for assessment, and the higher estimation proposed by the Revenue was not accepted. On the separate depreciation claim, the tribunal applied the principle that no further deduction is allowable once income is computed on an estimated basis, so depreciation was denied independently. Case-Laws Income Tax Tue, 30 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182431