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2014 (1) TMI 497 - HC - Income TaxWhether claim of depreciation is allowed when income is estimated - Held that:- A statutory impediment was introduced by way of amendment on 1.4.1994 in Section 44AD(2) of the Income Tax Act, 1961 - The assessment in the present reference pertains to 1989-90 thereby clearly proving that in the assessment in dispute, there was no impediment on the right of the assesse to claim depreciation even if his income has been calculated on net profit of 8% - Decided in favour of assessee.
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