https://www.taxtmi.com/caselaws?id=12619 A binding departmental circular had to be applied when examining the depreciation claim, and the authorities could not ignore it merely because a net profit rate was adopted; the depreciation issue was therefore remitted for reconsideration in light of the circular. The challenge to disallowance of interest failed because it turned on factual findings, including that allowing both depreciation and interest would leave an unacceptably low net profit rate, and no material was shown to dislodge that finding or bring the claim within the circular. The depreciation issue was answered in favour of the assessee, while the interest issue was answered against it. en-us Thu, 20 Sep 2001 00:00:00 +0530 Wed, 20 May 2009 16:23:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12619 A binding departmental circular had to be applied when examining the depreciation claim, and the authorities could not ignore it merely because a net profit rate was adopted; the depreciation issue was therefore remitted for reconsideration in light of the circular. The challenge to disallowance of interest failed because it turned on factual findings, including that allowing both depreciation and interest would leave an unacceptably low net profit rate, and no material was shown to dislodge that finding or bring the claim within the circular. The depreciation issue was answered in favour of the assessee, while the interest issue was answered against it. Case-Laws Income Tax Thu, 20 Sep 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12619