https://www.taxtmi.com/caselaws?id=446089 ITAT Hyderabad allowed depreciation after income estimation, following jurisdictional HC precedent that depreciation remains allowable even when books are rejected and income estimated. Tribunal granted section 80-IA deduction for infrastructure development work despite consortium arrangement. CIT(A)'s 15% estimation of FMS income was upheld considering necessary expenditure. Exclusion of subcontractor works from estimation was confirmed following consistent departmental practice and SC precedent. Profit rate was modified from 12.5% to 11.5% considering increased finance charges. Interest income from fixed deposits was confirmed taxable as income from other sources. en-us Fri, 25 Aug 2023 00:00:00 +0530 Fri, 24 Nov 2023 15:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446089 ITAT Hyderabad allowed depreciation after income estimation, following jurisdictional HC precedent that depreciation remains allowable even when books are rejected and income estimated. Tribunal granted section 80-IA deduction for infrastructure development work despite consortium arrangement. CIT(A)'s 15% estimation of FMS income was upheld considering necessary expenditure. Exclusion of subcontractor works from estimation was confirmed following consistent departmental practice and SC precedent. Profit rate was modified from 12.5% to 11.5% considering increased finance charges. Interest income from fixed deposits was confirmed taxable as income from other sources. Case-Laws Income Tax Fri, 25 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446089