2001 (9) TMI 28

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....red by JAWAHAR LAL GUPTA J.-This order shall dispose of five appeals, viz., I.T.A. Nos. 5, 36 to 38 of 1999 and 51 of 2000. Learned counsel for the parties have referred to the facts are averred in I.T.A. No. 51 of 2000. These may be briefly noticed. The assessee is a contractor. For the assessment year 1991-92, the assessee declared an income of Rs.9,29,800. Vide order dated September 18, 1....

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..... applied by the learned Commissioner of Income-tax (Appeals)". It was further held that the "net profit rate has taken into account the claim of depreciation". Hence, this appeal under section 260A by the assessee. In the memorandum of appeal, five questions have been raised. However, at the hearing, counsel pressed the following two questions: "1. Whether, in the facts and circumstances of....

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....the matter has been considered by this Bench in CIT v. Chopra Bros. India (P.) Ltd. [2001] 252 ITR 412 (I.T.R. No. 55 of 1994) and the connected appeals. For the reasons stated in the order, we find that the claim of the assessees is well-founded. The matter shall be considered by the authorities in the light of the circular dated August 31, 1965. The consequences shall follow. So far as the cl....