2014 (1) TMI 1762

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....m ORDER PER HARI OM MARATHA, JM:- These are the cross appeals pertaining to assessment year 2009-10, having been filed against the order of the ld. CIT(A) dated 01-05-2012. 2.1 Briefly stated, the facts of the case are that the assessee firm filed its return of income for the assessment year 2009-10 on 02-06-2011. However, the assessment order was completed u/s 143(3) of the Income Tax....

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....the circumstances of the case and in law the ld. CIT(A) is erred in granting further relief by allowing depreciation, interest to bank and remuneration to partner out of net income estimated by applying net profit rate of 8% by the AO.'' 2.4 We have heard the rival submissions. In fact, at the very out set of hearing of the appeals, it was brought to our notice that the ground raised in the app....

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....he ld. CIT(A) instead of estimating the net profit rate by applying the rate of 8% and making it further subject to depreciation, interest and remuneration paid to partners, he has made calculations and after totaling the depreciation, interest and remuneration paid to partners he has reduced it from the net profit and he has arrived at net profit rate of 5.12%. There is no difference in the quant....