2015 (11) TMI 1577

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....e has filed an appeal against the order of 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 ....

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.... 2(24(x) of the Act.'' 2.1 None appeared on behalf 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 m....

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....the law demand consistency to avoid any future misunderstanding 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'....