2014 (9) TMI 500

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....vocate For the Respondent : None ORDER Ajay Kumar Mittal,J. 1. This appeal has been preferred by the appellant-assessee under Section 260A of the Income Tax Act, 1961 (in short, "the Act") against the order dated 18.8.2000, passed by Income Tax Appellate Tribunal, Chandigarh Bench (in short, "the Tribunal') in ITA No.732/CHD/93, for the assessment year 1990-91. On 22.4.2003, the appeal ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....iness at Patiala in Punjab State. It is engaged in the business of civil construction work relating to telecom authorities. For the assessment year 1990-91, the appellant firm filed its return of income showing total income at Rs. 4,72,000/-. The case was taken up for scrutiny and assessment was framed vide order dated 18.10.1991, Annexure P.1. The Assistant Commissioner of Income Tax cum Assessin....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ard learned counsel for the appellant and perused the record. 4. The matter is no longer res integra. This Court while dealing with similar issues in ITA No.126 of 2001 (M/s Lali Construction Co. Patiala vs. The Assistant Commissioner of Income Tax cum Assessing Officer, Patiala) decided on 20.11.2007, recorded as under:- "The points raised in this appeal may be categorized into following three ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... for depreciation and gives the information as required under section 32 of the Act, the assessing officer is bound to take the claim of the assessee into consideration. Following the aforesaid judgments, it is held that the assessee is entitled to deduction on account of depreciation from receipts while applying net profit rate on the gross receipts. Now adverting to second issue, the claim of t....