TMI Blog2020 (1) TMI 224X X X X Extracts X X X X X X X X Extracts X X X X ..... directions of this Court, however, it had failed to apply the judgment rendered by this Court in the case of M/s. Shri Ram Jhanwar Lal [2008 (7) TMI 505 - RAJASTHAN HIGH COURT] nor the judgment rendered in the case of Jain Construction [1999 (9) TMI 26 - RAJASTHAN HIGH COURT] The present appeal is allowed to the extent of modifying the order of the Tribunal for determining the profit rate @ 8% instead of 12.5% on gross contract receipt as earlier determined by the Tribunal subject to allowing depreciation, interest and remuneration to partners. Accordingly, the appeal is allowed and the matter stands remitted back to the Income Tax Authorities concerned for recomputing the amount of tax. - D. B. Income Tax Appeal No. 69/2009 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction was allowed on account of depreciation since the assessee being aggrieved by the fact that the Income Tax Appellate Tribunal earlier had determined net profit rate @ 8% while accepting the rate @ 8%, as the rate was essentially aggrieved by the fact that the Tribunal had further directed no separate deduction on account of depreciation. 4. It appears appeals from the earlier order, this Court had relied upon a judgment rendered by Division Bench of this Court in Income Tax Appeal No.10 of 2006 in the case of M/s. Shri Ram Jhanwar Lal Vs. I.T.O., Bikaner Ors., decided on 03.7.2008 wherein following issue was raised : Whether in the facts and circumstances of the case, where the Assessing Officer has adopted net ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pellate Tribunal to re-do computation on the 12.5% of net profit. On perusal of impugned order, it appears that, though, the Tribunal has taken note of the directions of this Court, however, it had failed to apply the judgment rendered by this Court in the case of M/s. Shri Ram Jhanwar Lal (supra) nor the judgment rendered in the case of Jain Construction (supra). 8. Consequently, the present appeal is allowed to the extent of modifying the order of the Tribunal for determining the profit rate @ 8% instead of 12.5% on gross contract receipt as earlier determined by the Tribunal subject to allowing depreciation, interest and remuneration to partners. Accordingly, the appeal is allowed and the matter stands remitted back to the Inco ..... X X X X Extracts X X X X X X X X Extracts X X X X
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