No separate claim of depreciation is allowable in case of estimation of net profit

Shree Sudhakar Pandey Vs ACIT (ITAT Allahabad)

No separate deduction like depreciation will be allowed when the net profit is made on estimate basis after the rejection of books of accounts.

ITAT held that held that no separate claim of depreciation is allowable in case of estimation of net profit of the assessee then the claim of depreciation is not in accordance with the provisions of law under Income Tax Act. Hence, in view of the above discussion and binding precedent of Hon’ble Jurisdictional High Court, the appeal of the assessee deserves to be dismissed.

FULL TEXT OF THE ORDER OF ITAT ALLAHABAD

This appeal by the assessee is directed against the order dated 13.04.2019 of CIT(A), (National Faceless Appeal Centre), Delhi for the assessment year 2014-15. The assessee has raised the following grounds:-

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