https://www.taxtmi.com/caselaws?id=277615 The Tribunal upheld the CIT(A)'s decision to apply a 7% net profit rate and allow a separate deduction of depreciation for a civil contractor. It also supported the allowance of depreciation on assets not in the firm's name, emphasizing their business use. Additionally, the Tribunal agreed with the CIT(A) in deleting the disallowance of interest payments made without tax deduction, citing that the net profit rate application negated the need for further disallowances under section 40(a)(ia). The Tribunal dismissed the Revenue's appeal, finding the CIT(A)'s order well-reasoned and comprehensive. en-us Fri, 26 Aug 2016 00:00:00 +0530 Fri, 14 Dec 2018 06:40:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277615 The Tribunal upheld the CIT(A)'s decision to apply a 7% net profit rate and allow a separate deduction of depreciation for a civil contractor. It also supported the allowance of depreciation on assets not in the firm's name, emphasizing their business use. Additionally, the Tribunal agreed with the CIT(A) in deleting the disallowance of interest payments made without tax deduction, citing that the net profit rate application negated the need for further disallowances under section 40(a)(ia). The Tribunal dismissed the Revenue's appeal, finding the CIT(A)'s order well-reasoned and comprehensive. Case-Laws Income Tax Fri, 26 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277615