https://www.taxtmi.com/caselaws?id=12283 Depreciation could not be treated as absorbed within a net profit rate applied after rejection of books of account without considering CBDT circulars relied on by the assessee. Although the Tribunal reduced the estimated net profit rate and stated that it covered depreciation and interest, the treatment of depreciation required separate consideration under the applicable guidance. Section 40(b) was inapplicable to the relevant assessment year. The issue was resolved in favour of the assessee, and depreciation was not regarded as covered by the estimated net profit rate. en-us Thu, 13 Sep 2001 00:00:00 +0530 Sat, 20 Feb 2010 16:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12283 Depreciation could not be treated as absorbed within a net profit rate applied after rejection of books of account without considering CBDT circulars relied on by the assessee. Although the Tribunal reduced the estimated net profit rate and stated that it covered depreciation and interest, the treatment of depreciation required separate consideration under the applicable guidance. Section 40(b) was inapplicable to the relevant assessment year. The issue was resolved in favour of the assessee, and depreciation was not regarded as covered by the estimated net profit rate. Case-Laws Income Tax Thu, 13 Sep 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12283