https://www.taxtmi.com/caselaws?id=183049 The Tribunal allowed the appeals of the assessee, setting aside the CIT's order and upholding the assessment orders passed by the Assessing Officer for the assessment years 2009-10 and 2010-11. The Tribunal held that deductions for depreciation and interest are permissible even in cases of estimated income, emphasizing that the provisions of section 44AD do not restrict deductions post-estimation, especially when turnover exceeds the prescribed limit. This decision overturned the CIT's order, deeming the assessment orders not erroneous and prejudicial to the revenue's interests, in line with established legal precedents and High Court decisions. en-us Wed, 15 Apr 2015 00:00:00 +0530 Fri, 27 May 2016 09:35:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183049 The Tribunal allowed the appeals of the assessee, setting aside the CIT's order and upholding the assessment orders passed by the Assessing Officer for the assessment years 2009-10 and 2010-11. The Tribunal held that deductions for depreciation and interest are permissible even in cases of estimated income, emphasizing that the provisions of section 44AD do not restrict deductions post-estimation, especially when turnover exceeds the prescribed limit. This decision overturned the CIT's order, deeming the assessment orders not erroneous and prejudicial to the revenue's interests, in line with established legal precedents and High Court decisions. Case-Laws Income Tax Wed, 15 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183049