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TMI Blog2015 (11) TMI 1577X X X X Extracts X X X X X X X X Extracts X X X X ..... net profit rate of 8% is upheld, subject to further allowance of depreciation, interest and remuneration paid to the partners.Since after allowing depreciation, interest and remuneration, the net profit would be less than what has been declared by the appellant, the net profit declared by the appellant amounting to ₹ 4,01,05,375/- is accepted. Disallowance u/s 43B - amount was deposited ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aw the ld. CIT(A) has erred in allowing deductions of depreciation, interest and remuneration to partners out of the net profit arrived by the AO by applying net profit rate of 8% on gross receipts after rejecting the books of account. (ii) Whether any deduction with respect to depreciation, interest and remuneration to partners can be allowed subsequent to applying net profit rate on the g ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d after perusal of the materials available on record. 2.2 The ld. DR relied on the order of the AO. 2.3 We have heard the ld. DR and perused the materials available on record. We find that the ld. CIT(A) has decided both the issues in favour of the assessee by following observations. 4.1 So far as the determination of income is concerned, it is noted that the AO has estimated the inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ccordingly, we hold as above and allow the appeal of the assessee to that extent. Respectfully following the order of Hon'ble ITAT in the appellant s own case as mentioned above, the application of net profit rate of 8% is upheld, subject to further allowance of depreciation, interest and remuneration paid to the partners. Since after allowing depreciation, interest and remuneratio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eted. Since the ld. CIT(A) has relied on the ITAT order (supra) and judgement of Hon'ble Rajasthan High Court in the case of CIT vs. Udaipur Dugdh Utpadak Sahkari Sangh Ltd. [2013) 35 Taxmann.com 616 , there is no infirmity in the order of the ld. CIT(A) which is upheld. Thus Ground No. 1 and 2 of the Revenue are dismissed. 3.0 In the result, the appeal of the Revenue is dismissed. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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