9911796707
TMI Blog2001 (9) TMI 28X X X X Extracts X X X X X X X X Extracts X X X X ..... der shall dispose of five appeals, viz., I.T.A. Nos. 5, 36 to 38 of 1999 and 51 of 2000. Learned counsel for the parties have referred to the facts are averred in I.T.A. No. 51 of 2000. These may be briefly noticed. The assessee is a contractor. For the assessment year 1991-92, the assessee declared an income of Rs.9,29,800. Vide order dated September 18, 1992, the Assessing Officer applied a net ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome-tax (Appeals)". It was further held that the "net profit rate has taken into account the claim of depreciation". Hence, this appeal under section 260A by the assessee. In the memorandum of appeal, five questions have been raised. However, at the hearing, counsel pressed the following two questions: "1. Whether, in the facts and circumstances of the case, on a correct interpretation of the Ce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Chopra Bros. India (P.) Ltd. [2001] 252 ITR 412 (I.T.R. No. 55 of 1994) and the connected appeals. For the reasons stated in the order, we find that the claim of the assessees is well-founded. The matter shall be considered by the authorities in the light of the circular dated August 31, 1965. The consequences shall follow. So far as the claim for interest is concerned, it is primarily a questio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs have been furnished and the terms of the circular have been complied with, the claim for deduction on account of depreciation shall be considered. (ii) So far as the claim for deduction on account of interest is concerned, we find that in the circumstances of these cases, no substantial question of law arises. Thus, the question is answered against the assessees. The appeals are, accordingly ..... X X X X Extracts X X X X X X X X Extracts X X X X
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