[aaykarbhavan] No additional deduction for depreciation if income was computed on estimation basis u/s 44AD

No additional deduction for depreciation if income was computed on estimation basis u/s 44AD

March 22, 2014[2014] 42 taxmann.com 419 (Allahabad)

IT : When net profit of civil construction business is computed on estimate basis after rejecting books of account, then no separate deduction including depreciation has to be allowed

IT : Where Assessing Officer having rejected profit worked out by assessee under section 115JA, made addition on estimated basis and also passed a penalty order in respect of said addition, since Tribunal had reduced amount of estimated addition, impugned penalty order which was consequential in nature became meaningless and, thus, same also deserved to be set aside

 

Regards

Prarthana Jalan

__._,_.___

receive alert on mobile, subscribe to SMS Channel named "aaykarbhavan"
[COST FREE]
SEND "on aaykarbhavan" TO 9870807070 FROM YOUR MOBILE.

To receive the mails from this group send message to aaykarbhavan-subscribe@yahoogroups.com

Visit Your Group

• Privacy • Unsubscribe • Terms of Use