TaxTMI 
TaxTMI 
2013 (6) TMI 780
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.... Kalyan Jyoti Sengupta) This appeal in relation to the assessment year 2005-06 is sought to be admitted on the following suggested substantial questions of law. "1. Whether on the facts and in the circumstances of the case, the appellate Tribunal is justified in deleting the addition of income on the estimate basis and directing acceptance of the return of income as disclosed by the assessee? ....
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....ce the authorized representative of the assessee agreed for estimation of profit at 5%, it will not automatically bind the assessee for the subsequent assessment year. The learned Tribunal has correctly applied the law that there is no justification for estimating the profit at 5% for the assessment year 2005-06 on the ground that the assessee agreed for estimation of profit for the assessment yea....
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....1965, issued by CBDT, wherein it is made clear that where it is proposed to estimate the profit and prescribed particular have been furnished by the assessee, the depreciation allowance should be separately worked out. In all such cases, the gross profit should be estimated and the deductions and allowances including depreciation allowance should be separately deducted from the gross profit. The s....