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TMI Blog1995 (4) TMI 89X X X X Extracts X X X X X X X X Extracts X X X X ..... ts consolidated order dt. 16th Nov., 1994 in ITA Nos. 1500 and 1501/Chd/1989 relating to asst. yr. 1988-89, for the opinion of the High Court: "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in allowing depreciation to the assessee out of the income estimated after applying net profit rate of 10% in the absence of books of account or where the books of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nied. Depreciation had been claimed on tractor, truck, car and motorcycle in the case of one firm and on two trucks and one machine in the case of the second firm. Two assessees went in appeal against the rejection of the book results, but failed. 3. When the matter came before the Tribunal, it was noticed that the expenditures declared by the assessees were not verifiable, in the absence of vo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vs. Vinod Kumar Bhatia (1995) 211 ITR 253 (P H). 4. The learned Departmental Representative has submitted that the rate of profit at 10% had been applied by the AO after taking into consideration the assessee's claim for depreciation. It is stated that there was no justification to further allow claim for depreciation. 5. The learned counsel has, in reply, submitted that the claim for depre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot only followed its earlier order in other two cases but also placed reliance on the decision of the jurisdictional High Court. 6. We have considered the rival contentions and we are of the view that no question of law arises from the Tribunal's order, whereby depreciation has been allowed, after adopting the rate of profit at 10%. 7. In the result, both the applications are rejected. - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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