https://www.taxtmi.com/caselaws?id=186684 The Department objected to the CIT(A)'s order granting further relief of allowing depreciation, interest to bank, and remuneration to partner out of net income estimated by applying a net profit rate of 8%. The AO estimated the total income higher than the returned income due to incomplete accounts. The CIT(A) upheld the net profit rate estimation but directed deductions for depreciation, interest, and remuneration to partners. The Tribunal agreed, allowing the deductions based on previous decisions, including the retraction of an incorrect admission by the assessee. The Department's appeal was dismissed. en-us Fri, 09 Jul 2010 00:00:00 +0530 Tue, 27 Sep 2016 16:43:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186684 The Department objected to the CIT(A)'s order granting further relief of allowing depreciation, interest to bank, and remuneration to partner out of net income estimated by applying a net profit rate of 8%. The AO estimated the total income higher than the returned income due to incomplete accounts. The CIT(A) upheld the net profit rate estimation but directed deductions for depreciation, interest, and remuneration to partners. The Tribunal agreed, allowing the deductions based on previous decisions, including the retraction of an incorrect admission by the assessee. The Department's appeal was dismissed. Case-Laws Income Tax Fri, 09 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186684