https://www.taxtmi.com/highlights?id=65065 Rejection of book result u/s 145(3) - estimation of income - Deduction of depreciation from the estimated income - Depreciation should be allowable being statutory allowance where Assessing Officer has rejected the books of account and estimated the income of the assessee. However, the profit declared by the assessee in the return of income cannot be further reduced on account of partner's remuneration, interest on partner's capital and the depreciation. - AT en-us Wed, 10 Aug 2022 11:03:20 +0530 Wed, 10 Aug 2022 11:03:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=65065 Rejection of book result u/s 145(3) - estimation of income - Deduction of depreciation from the estimated income - Depreciation should be allowable being statutory allowance where Assessing Officer has rejected the books of account and estimated the income of the assessee. However, the profit declared by the assessee in the return of income cannot be further reduced on account of partner's remuneration, interest on partner's capital and the depreciation. - AT Highlights Income Tax Wed, 10 Aug 2022 11:03:20 +0530 https://www.taxtmi.com/highlights?id=65065