https://www.taxtmi.com/caselaws?id=390152 The Tribunal upheld the estimation of business profits at 5% of gross business receipts under Section 145(3), finding it reasonable. The double addition on account of loss on sale of machinery was deemed unsustainable and directed to be deleted. Depreciation was allowed as per the Income Tax Act and Rules, reduced by the depreciation claimed in the books. The claim for interest expenses was dismissed as it was already factored into the net profit estimation. The appeal was partly allowed with specific grounds addressed accordingly. en-us Tue, 17 Dec 2019 00:00:00 +0530 Tue, 24 Dec 2019 11:33:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390152 The Tribunal upheld the estimation of business profits at 5% of gross business receipts under Section 145(3), finding it reasonable. The double addition on account of loss on sale of machinery was deemed unsustainable and directed to be deleted. Depreciation was allowed as per the Income Tax Act and Rules, reduced by the depreciation claimed in the books. The claim for interest expenses was dismissed as it was already factored into the net profit estimation. The appeal was partly allowed with specific grounds addressed accordingly. Case-Laws Income Tax Tue, 17 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390152