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TMI Blog2020 (1) TMI 869X X X X Extracts X X X X X X X X Extracts X X X X ..... COURT] Present appeal is allowed to the extent of modifying the order of the Tribunal for determining the profit rate @ 8% instead of 12.5% on gross contract receipt as earlier determined by the Tribunal subject to allowing depreciation, interest and remuneration to partners. Accordingly, the appeal is allowed and the matter stands remitted back to the Income Tax Authorities concerned for recomputing the amount of tax. - D.B. Income Tax Appeal No. 69/2009 - - - Dated:- 2-1-2020 - Mr. Indrajit Mahanty And Dr. Justice Pushpendra Singh Bhati For the Appellant(s) : Mr. Lokesh Mathur For the Respondent(s) : Mr. KK Bissa, AGC ORDER 1. The present Income Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the Tribunal had further directed no separate deduction on account of depreciation. 4. It appears appeals from the earlier order, this Court had relied upon a judgment rendered by Division Bench of this Court in Income Tax Appeal No.10 of 2006 in the case of M/s. Shri Ram Jhanwar Lal Vs. I.T.O., Bikaner Ors., decided on 03.7.2008 wherein following issue was raised : Whether in the facts and circumstances of the case, where the Assessing Officer has adopted net profit rate in making assessment of the income on the basis of best judgment assessment, any further adjustment of the profits arrived at by applying net profit rate by way of allowance of depreciation of the assets used in business is permissi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt rendered by this Court in the case of M/s. Shri Ram Jhanwar Lal (supra) nor the judgment rendered in the case of Jain Construction (supra). 8. Consequently, the present appeal is allowed to the extent of modifying the order of the Tribunal for determining the profit rate @ 8% instead of 12.5% on gross contract receipt as earlier determined by the Tribunal subject to allowing depreciation, interest and remuneration to partners. Accordingly, the appeal is allowed and the matter stands remitted back to the Income Tax Authorities concerned for recomputing the amount of tax. 9. Although, learned counsel for the Revenue sought to justify the order passed by the Tribunal on the basis of determination of questio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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