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2017 (12) TMI 1836 - AT - Income TaxDepreciation from the estimation of income - AO completed the assessment estimating the income @ 8% on impugned contracts, 6% on sub contracts, 2% on sub contracts given, however, the A.O. has not allowed the statutory allowance of depreciation - HELD THAT:- In the instant case there is no dispute that facts are similar to that of the assessee’s case for the assessment year 2009-10.D.R. did not bring any other case law or distinguished the facts of the case. Therefore, respectfully following the view taken by the ITAT for the earlier year in the assessee’s own case [2015 (11) TMI 1530 - ITAT VISAKHAPATNAM], we direct the A.O. to allow the depreciation against the income estimated from the contract receipts. However, the income so computed shall not be less than the returned income. Accordingly, the appeal of the assessee is partly allowed.
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