TMI Blog2010 (8) TMI 1063X X X X Extracts X X X X X X X X Extracts X X X X ..... (in short the Act ) against the order dated 12.9.2001 passed by the Income Tax Appellate Tribunal, Amritsar Bench, Amritsar (hereinafter referred to as the Tribunal ) in ITA No. 103 (ASR)/1993 for the assessment year 1991-92 proposing to raise the following substantial question of law:- Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in dis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... payments received and volume of material supplied by the Government departments and month-wise expenditure under different heads. The Assessing Officer invoked proviso to Section 145 (1) of the Act and applied net profit rate of 10% on the receipts and disallowed the interest and depreciation. The assessee took the matter in appeal and the CIT (A) while allowing the appeal held that the assessee w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te deduction was held admissible to the assessee on account of payment of interest where net profit rate was applied by the Assessing Officer. That being so, the Tribunal was in error in allowing the claim of interest to the assessee-respondent. 6. Accordingly, the appeal is allowed and the question is answered in favour of the revenue and against the assessee. - - TaxTMI - TMITax - Income ..... X X X X Extracts X X X X X X X X Extracts X X X X
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