2010 (9) TMI 168

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....or the petitioner. Ms. Savita Saxena, Advocate for Ms. Madhu P.K. Singh, Advocate for the respondent. ADARSH KUMAR GOEL, J. 1. The Income Tax Appellate Tribunal, Amritsar Bench, Amritsar (hereinafter referred to as "the Tribunal") has referred for opinion of this Court following question of law under Section 256(1) of the Income Tax Act, 1961 (in short "the Act") arising out of its order ....

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.... that interest of Rs.1,02,567/-and depreciation of Rs.4,79,677/- claimed by the assessee had already been considered in the expenses which were to the extent of 90% of the total receipts. On appeal, this view was reversed in light of circular of CBDT dated 31.8.1965. It was held that the assessee was entitled to claim depreciation and interest. On further appeal by the revenue, the view of the Ass....

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....ing to be more than the net profit of a person who is not using the mechanical aid for execution of Civil Works." 3. We have heard learned counsel for the parties. 4. Learned counsel for the assessee relying upon the judgment of this Court in Shri Girdhari Lal v. Commissioner of Income Tax, Jalandhar and another, ITA No. 51 of 2000, decided on 10.9.2001, submits that depreciation has to be d....