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Awasthi Traders Versus Commissioner of Income-Tax-I Agra And Another

[2016] 388 ITR 185 - Entitlement for depreciation under Section 44A(2) - Held that:- Admittedly, the proviso to Section 44AD of the Income Tax Act, 1961, is applicable to the appellant-assesse in view of the fact that its income for the assessment year in question, i.e. 2009-2010, is above ₹ 40,00,000/- (Rupees forty lakhs only). If that is so, the bar to the entitlement for depreciation under Section 44A(2) of the Act will not apply. Grant of depreciation under Section 32 of the Act would .....

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afulla C. Pant, JJ. For the Petitioner : Mr. Pawanshree Agrawal, Adv For the Respondent : Mr. K. Radhakrishnan, Sr. Adv. Mr. H. Raghavendra Rao, Adv. Mr. Arijit Prasad, Adv. Ms. Mukti Choudhary, Adv. Mrs. Anil Katiyar,Adv. Mr. B. V. Balaram Das,Adv. CIVIL APPEAL NO(S).8738 OF 2016 (Arising out of S.L.P.(C)...CC No. 10169/2014) CIVIL APPEAL NO(S).8739 OF 2016 (Arising out of SLP(C) No.14325/2014) CIVIL APPEAL NO(S).8740 OF 2016 (Arising out of SLP(C) No.15210/2014) CIVIL APPEAL NO(S).8741 OF 2016 .....

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