https://www.taxtmi.com/caselaws?id=19793 The High Court rejected the applications under section 256(2) of the Income-tax Act, 1961, holding that the Income-tax Appellate Tribunal's decision to allow depreciation separately when income is computed using a net rate was justified. The Court emphasized that there is no provision in the Act disallowing depreciation when a flat rate is applied. The Tribunal's decision to reduce the net profit rate to nine per cent. was deemed reasonable, considering the assessee's history and consistent application of the rate. The Court dismissed the applications, with costs imposed on the applicants. en-us Thu, 11 Nov 1993 00:00:00 +0530 Mon, 09 Nov 2009 17:19:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19793 The High Court rejected the applications under section 256(2) of the Income-tax Act, 1961, holding that the Income-tax Appellate Tribunal's decision to allow depreciation separately when income is computed using a net rate was justified. The Court emphasized that there is no provision in the Act disallowing depreciation when a flat rate is applied. The Tribunal's decision to reduce the net profit rate to nine per cent. was deemed reasonable, considering the assessee's history and consistent application of the rate. The Court dismissed the applications, with costs imposed on the applicants. Case-Laws Income Tax Thu, 11 Nov 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19793