2012 (8) TMI 1181

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....the Department against the order dated 14-09-2011 of the ld. CIT(A)-II, Jaipur for the assessment year 2008-09. 2.1 The only ground raised by the Department in this appeal is as under:- ''On the facts and in the circumstances of the ld. CIT(A) and in law the ld. CIT(A) has erred in:- (1) allowing depreciation of Rs. 53,10,264/- and financial expenses of Rs. 1,70,19,849/- from ....

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....ll etc. in respect of those expenses. The AO was of the view that the expenses claimed by the assessee under various heads were not subject to verification. He, therefore, rejected the books of accounts of the assessee by invoking the provisions of Section 145(3) of the Act and determined the income by applying 8% net profit rate on the gross receipts of the assessee. The AO did not allow the bene....

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....ng the submissions of the assessee upheld the rejection of books of accounts and allowed the benefit of depreciation and finance charges by following earlier order of the Tribunal in ITA No.581/ JP/2009 dated 17-06-2010 for the assessment year 2006-07 in assessee's own case. 2.5 Now the Department is in appeal. 2.6 The ld. DR supported the order of the AO. 2.7 In his rival submissions....