Assessee, a civil contractor, filed his return of income declaring total income. Assessing Officer rejected books of account and estimated income by applying rate of 8 per cent of total contract receipts and disallowed the depreciation. On appeal the Tribunal held that when the income is estimated no separate claim of depreciation is allowable. (AY. 2014-15)
Sudhakar Pandey v. ACIT (2022) 193 ITD 557 (SMC) (All.) (Trib.)
S. 44AD : Presumptive taxation-Civil construction business-depreciation-Rejection of books of account and estimate of income applying rate of 8 percent-No separate claim of depreciation is allowable. [S. 32, 144]