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2016 (4) TMI 741 - PATNA HIGH COURT

2016 (4) TMI 741 - PATNA HIGH COURT - TMI - Allowance of depreciation after applying net profit rate - Held that:- Neither before the Assessing Officer or before the Commissioner of Income Tax (Appeals) or before the Tribunal, the appellant referred to the balance-sheet to contend that he should have been allowed depreciation after applying net profit rate. Once the Assessing Officer has found that net profit rate has been applied @12% after depreciation, one can infer that the Assessing Officer .....

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2016 - Hemant Gupta And Ramesh Kumar Datta, JJ. For the Appellant : Mr. K M Mishra, Adv For the Respondent : Mr. Rishi Raj Sinha, 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, .....

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(2) Whether the Appellate Tribunal was justified in confirming the addition of ₹ 6,41,483/ on account of cash credit which was claimed to have been introduced as capital by proprietor in the business and whether the same does not amount to double taxation as being part of the gross profit estimated by the Tribunal? 3. The assessee is a Contractor. The return of income for the assessment year 2003-04 was filed on 22.10.2003 showing total income of ₹ 12,86,800/-. The return was process .....

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ed in the capital account which would be treated as unexplained cash credit under Section 68 of the Act. 4. The appeal on these two points against the said order before the Commissioner of Income Tax (Appeals) remained unsuccessful. However, in further appeal before the Appellate Tribunal, the learned Tribunal applied net profit rate of 8% as against 12% applied by the Assessing Officer and confirmed by the Commissioner of Income Tax (Appeal). 5. Learned counsel appearing for the appellant relie .....

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