Rajasthan High Court - Jaipur
Asstt. Cit vs Amar Singh Kishan Chand on 15 September, 2003
Equivalent citations: [2004]134TAXMAN680(RAJ)
JUDGMENT
At the out set, learned counsel for the assessee respondent brought to our notice that identical issue has been considered by this court in the case of CIT v. Jain Construction Co. (2000) 245 ITR 527 (Raj), wherein, this court has taken a view that inspite of the fact that N.P. rate has been applied, the assessee is also entitled for deduction of depreciation. This judgment of Jain Construction has also been followed by this court in the case of Bharat Construction Co. v. CIT (D.B. Civil IT Reference No. 55 of 1998, dated 13-9-2001).
2. Following the consistent view of this court, we see no reason to interfere in the appeal. The appeal stands dismissed.