2001 (3) TMI 53 - HC - Income Tax

Summary

The High Court of Rajasthan dismissed the appeal by the Commissioner of Income-tax, Bikaner, challenging the order of the Income-tax Appellate Tribunal. The Tribunal allowed the deduction on account of depreciation under section 32 of the Income-tax Act, stating that depreciation was not part of the net profit rate calculated at 8 per cent. The appeal was dismissed.