2002 (12) TMI 555

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....ssessee and is directed against the order of the CIT(A), Bhatinda dated 7-2-1995 relating to the assessment year 1990-91. In this appeal, the assessee has raised the following grounds:- "1.The worthy CIT(A) erred in holding that provisions of section 145(1) applied by the Income-tax Officer was justified. 2.That rejection of books of account by applying provisions of section 145(1) and appli....

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....ractual receipts were found at Rs. 30,94,163. The Assessing Officer examined the books of account and found various defects which have been mentioned in the assessment order. The Assessing Officer considering the entire facts of the present case has invoked the provisions of section 145(1) of the Act. The Assessing Officer applied the net profit rate of 10 per cent and had thereafter allowed deduc....

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....I am of the opinion that in the entire facts and the circumstances of the present case, the CIT(A) was justified in applying the net profit rate of 7 per cent. In this regard, I do not find any infirmity in his order. However, as regards the depreciation, the assessee is entitled to depreciation in view of the above decisions. 8. In the case of Chopra Bros. (India) (P.) Ltd. (supra), it has bee....