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2021 (1) TMI 1201 - ITAT JODHPUREstimation of business income - Invoking the provisions of section 145(3) - CIT(A) justification in directing AO to apply the position of profits after interest but before depreciation in the year under appeal and in preceding year - HELD THAT:- The estimation of income from business had been made after considering the various aspects of the case - also considered the reasonable of gross profit rate and the allowance of various indirect expenses, interest and depreciation. The second issue of the revenue with regard to allowability of depreciation has also been decided. Thus, we don’t find any merit in the present appeal of the revenue and dismiss both the grounds of appeal raised in the Revenue appeal.
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