https://www.taxtmi.com/caselaws?id=290384 The Tribunal dismissed the Department's appeal against the CIT(A) order for AY 2008-09, affirming the allowance of depreciation and financial expenses based on a net profit rate of 8%. Despite the rejection of books of accounts by the AO, the Tribunal upheld the decision to permit depreciation and finance charges, citing relevant case laws and a previous Tribunal order for AY 2006-07. The Tribunal's decision was based on the precedent supporting the deduction of these expenses from net profit, leading to the affirmation of the CIT(A)'s order. en-us Thu, 30 Aug 2012 00:00:00 +0530 Wed, 23 Sep 2020 15:43:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290384 The Tribunal dismissed the Department's appeal against the CIT(A) order for AY 2008-09, affirming the allowance of depreciation and financial expenses based on a net profit rate of 8%. Despite the rejection of books of accounts by the AO, the Tribunal upheld the decision to permit depreciation and finance charges, citing relevant case laws and a previous Tribunal order for AY 2006-07. The Tribunal's decision was based on the precedent supporting the deduction of these expenses from net profit, leading to the affirmation of the CIT(A)'s order. Case-Laws Income Tax Thu, 30 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290384