https://www.taxtmi.com/caselaws?id=330338 The appeal was dismissed as the court upheld the Income Tax Appellate Tribunal's decision to apply a 7% gross profit rate instead of the appellant's proposed 10%, citing that Section 44AD was not applicable due to gross receipts exceeding Rs. 40 lakhs. The court allowed the depreciation claim as Section 44AD did not apply, referencing relevant legal provisions and Circular No. 737. The appellant's arguments were deemed irrelevant, and the court found no merit in challenging the application of the Net Profit Rate and depreciation allowance based on the specific circumstances of the case. en-us Thu, 14 Jul 2016 00:00:00 +0530 Tue, 09 May 2017 17:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330338 The appeal was dismissed as the court upheld the Income Tax Appellate Tribunal's decision to apply a 7% gross profit rate instead of the appellant's proposed 10%, citing that Section 44AD was not applicable due to gross receipts exceeding Rs. 40 lakhs. The court allowed the depreciation claim as Section 44AD did not apply, referencing relevant legal provisions and Circular No. 737. The appellant's arguments were deemed irrelevant, and the court found no merit in challenging the application of the Net Profit Rate and depreciation allowance based on the specific circumstances of the case. Case-Laws Income Tax Thu, 14 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330338