1995 (4) TMI 89

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....plications, said to be of law and arising from its consolidated order dt. 16th Nov., 1994 in ITA Nos. 1500 and 1501/Chd/1989 relating to asst. yr. 1988-89, for the opinion of the High Court: "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in allowing depreciation to the assessee out of the income estimated after applying net profit rate of 10% in the ab....

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.... The assessees' claim for depreciation was denied. Depreciation had been claimed on tractor, truck, car and motorcycle in the case of one firm and on two trucks and one machine in the case of the second firm. Two assessees went in appeal against the rejection of the book results, but failed. 3. When the matter came before the Tribunal, it was noticed that the expenditures declared by the assesse....

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.... relied upon the decision in the case of CIT vs. Vinod Kumar Bhatia (1995) 211 ITR 253 (P&H). 4. The learned Departmental Representative has submitted that the rate of profit at 10% had been applied by the AO after taking into consideration the assessee's claim for depreciation. It is stated that there was no justification to further allow claim for depreciation. 5. The learned counsel has, in....