https://www.taxtmi.com/caselaws?id=309813 The tribunal partly allowed the appeal, upholding the validity of the assessment order under section 144 of the Act due to the appellant's non-attendance. The estimation of net profit was adjusted in favor of the appellant, allowing the declared profit rate based on past history. The non-allowability of depreciation on adopting the profit rate was rejected, directing the Assessing Officer to allow the claim. The disallowance of interest paid under section 40(a)(ia) was subject to further verification, requiring the appellant to provide additional details. en-us Mon, 16 Apr 2018 00:00:00 +0530 Fri, 22 Sep 2023 09:12:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309813 The tribunal partly allowed the appeal, upholding the validity of the assessment order under section 144 of the Act due to the appellant's non-attendance. The estimation of net profit was adjusted in favor of the appellant, allowing the declared profit rate based on past history. The non-allowability of depreciation on adopting the profit rate was rejected, directing the Assessing Officer to allow the claim. The disallowance of interest paid under section 40(a)(ia) was subject to further verification, requiring the appellant to provide additional details. Case-Laws Income Tax Mon, 16 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309813