Dismissing the appeal of the revenue the Court held that deduction of depreciation from gross receipts of income estimated @ 12.5 per cent on contractual receipts is a debatable question of law. Order of Tribunal is affirmed. (AY. 2008-09)
PCIT v. Engineers works (2021) 439 ITR 108 / 206 DTR 242 / 323 CTR 485 /(2022) 284 Taxman 138 (AP)(HC)
S. 154 : Rectification of mistake-Contractual receipts-Depreciation on gross receipts-Debatable-Rectification order was not justified. [S. 32]