2015 (11) TMI 1577

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the ld. CIT(A)-I, Jaipur dated 30-07-2014 for the assessment year 2011-12 wherein following grounds have been raised by the Revenue. ''1. (i) Whether on the facts and in the circumstances of the case and in law the ld. CIT(A) has erred in allowing deductions of depreciation, interest and remuneration to partners out of the net profit arrived by the AO by applying net profit rate of 8% on gross re....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... of the assessee in spite of service of notice of this hearing. Consequently we are left with no alternative but to decide the appeal on merits, ex parte qua the assessee, after hearing ld. DR and after perusal of the materials available on record. 2.2 The ld. DR relied on the order of the AO. 2.3 We have heard the ld. DR and perused the materials available on record. We find that the ld. CIT(A)....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ng and to keep the findings in the same manner we hold that net profit rate of 8% further subject to depreciation, interest and remuneration paid to partner could be final finding. Accordingly, we hold as above and allow the appeal of the assessee to that extent.'' Respectfully following the order of Hon'ble ITAT in the appellant's own case as mentioned above, the application of net profit ra....