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The DCIT, Circle, Sangrur, Versus M/s Ram Kumar,

2015 (12) TMI 1549 - ITAT CHANDIGARH

Rejection of the books of account - application of the net profit rate and allowing depreciation separately claimed by the assessee - Held that:- we do not find any error in the order of ld. CIT(Appeals) in granting depreciation separately to the assessee even if net profit rate has been applied in the matter. This issue in departmental appeal is, therefore, decided against the revenue. - MA No. 54/CHD/2015 In ITA No. 188/CHD/2014 - Dated:- 15-12-2015 - SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND M .....

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sessee. The Tribunal partly allowed departmental appeal vide order dated 15.07.2014. 2. The Tribunal, with regard to application of the profit rate confirmed the order of the ld. CIT(Appeals) in rejecting the books of account under section 145(3) of the Act. It was found that assessee has claimed net profit rate of 5.29% which was increased to 12% by Assessing Officer and reduced to 6.5% by ld. CIT(Appeals). The Tribunal applied net profit rate of 7% and partly allowed appeal of the .....

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ITA 183/CHD/2013. We find that the earlier Bench of the Tribunal has not decided the second issue in the earlier order dated 15.07.2014 allowing the departmental appeal partly. 4. We have heard ld. Representatives of both the parties. The ld. DR relied upon decision of Hon'ble Punjab & Haryana High Court in the case of M/s J.J. Associates V CIT dated 02.12.2010 and in the case of Surinder Pal Nayyar V CIT dated 07.08.2008 (177 Taxman 207) and submitted that the assessee will .....

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as not decided this issue while passing the order in departmental appeal dated 15.07.2014 but it being a small issue, we propose to decide the same in the present Miscellaneous Application itself. 6. The revenue on the second issue in the departmental appeal has contended that ld. CIT(Appeals) has erred in allowing depreciation clamed by following the case of M/s Harbhajan Singh & Co., Sangrur. It is also stated in the ground of appeal that decision in this case has not been acce .....

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