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2020 (11) TMI 265 - AT - Income TaxEstimation of income - rejection of books of accounts - denial of depreciation - estimation of the income by adopting Net Profit @6% disallow the depreciation on the ground that one of the trucks purchased during the year under consideration was not to put to use and therefore the depreciation is not allowable - HELD THAT:- Once the Assessing Officer has estimated the income by adopting the Net Profit, then scope of further disallowance on account of depreciation is ruled out. Hence, the disallowance of depreciation by the Assessing Officer is highly arbitrary and inappropriate and the same is liable to be deleted. Ground raised by the assessee is allowed.
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