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2014 (1) TMI 81 - AT - Income TaxDisallowance of depreciation - Held that:- M/s. Universal Exports in itself is a distinct person assessable to income tax - The claim of the assessee company is only on the profit of the proprietary concern which is to be added to its net profit at the end of the year - It maintains its books of accounts separately - The assessee cannot be allowed once against depreciation from the profits so determined - Decided against assessee.
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