https://www.taxtmi.com/caselaws?id=184921 The High Court upheld the Tribunal's decision regarding the withdrawal of the statutory claim under section 32 while computing income under section 29. The Court found that no further deduction for depreciation was warranted as it was already factored into the net profit rate. Additionally, the Court directed the Assessing Officer to recompute the income after rejecting certain additions made during assessment. The Court emphasized the obligation for contractors with gross receipts exceeding Rs. 40 lakhs to maintain proper books of account and applied a net profit rate of 10% in line with relevant legal precedents. The appeal was dismissed, and the decision favored the revenue authorities. en-us Thu, 02 Dec 2010 00:00:00 +0530 Mon, 25 Jul 2016 12:08:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184921 The High Court upheld the Tribunal's decision regarding the withdrawal of the statutory claim under section 32 while computing income under section 29. The Court found that no further deduction for depreciation was warranted as it was already factored into the net profit rate. Additionally, the Court directed the Assessing Officer to recompute the income after rejecting certain additions made during assessment. The Court emphasized the obligation for contractors with gross receipts exceeding Rs. 40 lakhs to maintain proper books of account and applied a net profit rate of 10% in line with relevant legal precedents. The appeal was dismissed, and the decision favored the revenue authorities. Case-Laws Income Tax Thu, 02 Dec 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184921