2002 (12) TMI 555

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..... dated 7-2-1995 relating to the assessment year 1990-91. In this appeal, the assessee has raised the following grounds: "1.The worthy CIT(A) erred in holding that provisions of section 145(1) applied by the Income-tax Officer was justified. 2.That rejection of books of account by applying provisions of section 145(1) and application of flat rate for computation of income is uncalled for. 3.T .....

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..... xamined the books of account and found various defects which have been mentioned in the assessment order. The Assessing Officer considering the entire facts of the present case has invoked the provisions of section 145(1) of the Act. The Assessing Officer applied the net profit rate of 10 per cent and had thereafter allowed deduction for the depreciation and for 1 per cent commission paid to the p .....

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..... cumstances of the present case, the CIT(A) was justified in applying the net profit rate of 7 per cent. In this regard, I do not find any infirmity in his order. However, as regards the depreciation, the assessee is entitled to depreciation in view of the above decisions. 8. In the case of Chopra Bros. (India) (P.) Ltd. ( supra ), it has been held by the Chandigarh Bench of the Tribunal that .....

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