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TMI Blog2016 (4) TMI 741X X X X Extracts X X X X X X X X Extracts X X X X ..... at he should have been allowed depreciation after applying net profit rate. Once the Assessing Officer has found that net profit rate has been applied @12% after depreciation, one can infer that the Assessing Officer was conscious of the depreciation claimed by the assessee. Even if it was not so, the appellant has not made a grievance before the Commissioner or before the Tribunal to claim deprec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ber, 2007 arising out of ITA No. 255/Pat/2007, relating to the assessment year 2003-04, whereby the Tribunal applied net profit rate @ 8% and also confirmed addition of ₹ 6,41,483/- as unexplained cash credit under Section 68 of the Act. 2. This Court has framed the following questions of law for consideration as arising from the order of the Tribunal:- (1) Whether the Appellate Tribu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessing Officer on verification of the documents noticed that the book of accounts maintained by the assessee does not reflect the true and correct income. Therefore, the Assessing Officer proceeded to estimate the net profit @ 12% of the turnover after allowing depreciation. The Assessing Officer also found that a sum of ₹ 6,41,483/- had been introduced in the capital account which would ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ould have been allowed to be deducted from the net profit rate applied by the Assessing Officer and/or by the Tribunal. 6. However, we do not find any merit in this argument. Neither before the Assessing Officer or before the Commissioner of Income Tax (Appeals) or before the Tribunal, the appellant referred to the balance-sheet to contend that he should have been allowed depreciation after app ..... X X X X Extracts X X X X X X X X Extracts X X X X
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