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TMI Blog2016 (4) TMI 741X X X X Extracts X X X X X X X X Extracts X X X X ..... a, Sc. SC and Mrs. Archana Prasad, Jr. SC JUDGMENT ( Per: Honourable Mr. Justice Hemant Gupta ) The assessee is in appeal under Section 260A of the Income Tax Act, 1961 (in short,`the Act') against an order passed by the Income Tax Appellate Tribunal, Patna Bench, Patna (hereinafter referred to as `the Tribunal') on 12th December, 2007 arising out of ITA No. 255/Pat/2007, relating to the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee is a Contractor. The return of income for the assessment year 2003-04 was filed on 22.10.2003 showing total income of Rs. 12,86,800/-. The return was processed under section 143(1) of the Act on 11.12.2003. Thereafter, notices were issued under Section 143(2) and 142(1) of the Act. The learned Assessing Officer on verification of the documents noticed that the book of accounts maintained ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1965 to contend that in the case of best judgment assessment, depreciation should have been allowed even when gross profit rate or net profit rate is applied. Since the appellant has claimed depreciation in the balance-sheet produced before the Assessing Officer, such amount of depreciation should have been allowed to be deducted from the net profit rate applied by the Assessing Officer and/or by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a question of fact in an appeal before this Court for the first time. 7. In view of the said fact, the first question of law is answered in negative against the assessee and in favour of the revenue. 8. The learned counsel for the assessee fairly concedes that the second question of law does not arise for consideration. 9. In view of the said fact, we do not find any merit in the present appea ..... X X X X Extracts X X X X X X X X Extracts X X X X
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