https://www.taxtmi.com/caselaws?id=9932 The High Court dismissed the Revenue's appeal under section 260A of the Income-tax Act, 1961, for the assessment year 1994-95. The court upheld the Tribunal's decision to allow the assessee to claim depreciation separately, despite applying a net profit rate of 8 per cent. It emphasized that the necessary particulars were provided by the assessee, including audit accounts, and rejected the Revenue's argument of inadequate documentation. The court reaffirmed the assessee's entitlement to claim depreciation and other business expenses, like salary and interest, even with a net profit rate, due to deficient bookkeeping. The appeal was consequently dismissed. en-us Tue, 06 Dec 2005 00:00:00 +0530 Fri, 03 Jul 2009 13:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9932 The High Court dismissed the Revenue's appeal under section 260A of the Income-tax Act, 1961, for the assessment year 1994-95. The court upheld the Tribunal's decision to allow the assessee to claim depreciation separately, despite applying a net profit rate of 8 per cent. It emphasized that the necessary particulars were provided by the assessee, including audit accounts, and rejected the Revenue's argument of inadequate documentation. The court reaffirmed the assessee's entitlement to claim depreciation and other business expenses, like salary and interest, even with a net profit rate, due to deficient bookkeeping. The appeal was consequently dismissed. Case-Laws Income Tax Tue, 06 Dec 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9932