https://www.taxtmi.com/caselaws?id=14125 Depreciation under section 32 remained allowable where business income was estimated by applying a net profit rate in best judgment assessment, because the assessed net profit figure expressly excluded depreciation and interest paid to third parties. Since depreciation was not embedded in the estimated profit, the assessee was entitled to claim the deduction separately in computing business income. Denial of depreciation did not arise on those facts. en-us Wed, 14 Mar 2001 00:00:00 +0530 Mon, 13 Jul 2009 17:37:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14125 Depreciation under section 32 remained allowable where business income was estimated by applying a net profit rate in best judgment assessment, because the assessed net profit figure expressly excluded depreciation and interest paid to third parties. Since depreciation was not embedded in the estimated profit, the assessee was entitled to claim the deduction separately in computing business income. Denial of depreciation did not arise on those facts. Case-Laws Income Tax Wed, 14 Mar 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14125