TMI Blog2001 (3) TMI 53X X X X Extracts X X X X X X X X Extracts X X X X ..... unal, Jaipur Bench, Jaipur, by which it has allowed the appeal of the respondent-assessee and held that on the amount of net profit calculated on the basis of applying the rate as has been applied by the Assessing Officer in his order of assessment on best of his judgment, a deduction on account of depreciation allowance has to be made. Learned counsel for the Revenue urges that once the Income- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iness. Since depreciation was explicitly not to form part of the net profit calculated at 8 per cent., the question of denial of deduction on account of depreciation as per section 32 of the Act would not simply arise, The Tribunal, in our opinion, was right in allowing the deduction on account of depreciation under section 32 and gives no rise to any substantial question of law, which may require ..... X X X X Extracts X X X X X X X X Extracts X X X X
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