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2016 (11) TMI 729 - ITAT AMRITSARRejection of books of accounts - N.P. termination - Held that:- We are in agreement with the argument of learned AR and findings of learned CIT(A) in Asst. Year: 2012-13 wherein he has reduced the rate of profit to 8% from 10% and therefore, in Asst. Years: 2010-11 & 2011-12 we hold the rate of 8% instead of 10% and in view of the above, Ground No.2 to 4 in assessee’s appeal are allowed. Separate addition of interest on fixed deposits - Held that:- Once the books of accounts has been rejected the Assessing Officer cannot fall back upon the same books for making addition on account of interest accrued on the FDRs reflected in the books of account. Deprecation after estimating the income - Held that:- CIT(A) has relied upon the case law of Hon’ble Punjab & Haryana High Court in the case of Lali Construction vs. ACIT [2014 (9) TMI 500 - PUNJAB & HARYANA HIGH COURT] for allowing depreciation from the net profits even if the total income was computed by applying the net profit rate
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