https://www.taxtmi.com/caselaws?id=61463 The Tribunal declined to refer the question of law regarding the allowance of depreciation to the High Court, deeming depreciation as a separate statutory claim independent of the profit rate applied. It upheld the allowance of depreciation for the partnership firms despite the rejection of their books of account, citing previous decisions and legal provisions to support its decision. The Tribunal rejected the Revenue's applications for a reference to the High Court, concluding that no question of law arose from its order allowing depreciation based on the 10% profit rate. en-us Thu, 27 Apr 1995 00:00:00 +0530 Wed, 12 Jan 2011 16:55:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61463 The Tribunal declined to refer the question of law regarding the allowance of depreciation to the High Court, deeming depreciation as a separate statutory claim independent of the profit rate applied. It upheld the allowance of depreciation for the partnership firms despite the rejection of their books of account, citing previous decisions and legal provisions to support its decision. The Tribunal rejected the Revenue's applications for a reference to the High Court, concluding that no question of law arose from its order allowing depreciation based on the 10% profit rate. Case-Laws Income Tax Thu, 27 Apr 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61463