2014 (1) TMI 497

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..... hereby clearly proving that in the assessment in dispute, there was no impediment on the right of the assesse to claim depreciation even if his income has been calculated on net profit of 8% - Decided in favour of assessee. - I.T.R. No.148 to 150 of 1999 - - - Dated:- 7-11-2013 - Mr. Rajive Bhalla and Mr. Dr. Bharat Bhushan Parsoon, JJ. For the Applicant: Ms. Urvashi Dhugga, Advocate Ra .....

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..... isdiction or of law. Counsel for the revenue is unable to refer to any provision that places any impediment on the right of an assessee to claim depreciation where his income is assessed by applying a net profit rate. It is admitted that a statutory impediment was introduced by way of amendment on 1.4.1994 in Section 44AD(2) of the Income Tax Act, 1961. The assessment in the present reference pe .....

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