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TMI Blog2013 (6) TMI 780X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessment year 2005-06 is sought to be admitted on the following suggested substantial questions of law. 1. Whether on the facts and in the circumstances of the case, the appellate Tribunal is justified in deleting the addition of income on the estimate basis and directing acceptance of the return of income as disclosed by the assessee? 2. Whether on the facts and in the circumstances ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee agreed for estimation of profit at 5%, it will not automatically bind the assessee for the subsequent assessment year. The learned Tribunal has correctly applied the law that there is no justification for estimating the profit at 5% for the assessment year 2005-06 on the ground that the assessee agreed for estimation of profit for the assessment year 2004-05 at 5%. Moreover, it is a settled pri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ar that where it is proposed to estimate the profit and prescribed particular have been furnished by the assessee, the depreciation allowance should be separately worked out. In all such cases, the gross profit should be estimated and the deductions and allowances including depreciation allowance should be separately deducted from the gross profit. The said circular of CBDT was examined by the Raj ..... X X X X Extracts X X X X X X X X Extracts X X X X
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