2002 (1) TMI 1309 - HC - Income Tax

Summary

The Rajasthan High Court rejected a reference application under section 256(2) of the Income-tax Act, 1961, related to a contractor's assessment. The Assessing Officer applied a net profit rate of 10% on total receipts, considering admissible depreciation. The Commissioner (Appeals) allowed depreciation separately. The Tribunal upheld the Commissioner's decision. The Court held that no referable question of law arose from the Tribunal's order and rejected the reference application.