Income Tax Officer vs Zuberi Engineering Co.
Whether depreciation, interest to bank, and remuneration to partners are allowable as deductions after applying a net profit rate of 8% on gross receipts under Section 145(3) --- Held Yes. Whether an admission made by a partner during survey proceedings regarding application of net profit rate without claiming expenses is conclusive --- Held No.
š Direct Access Blocked
For your security and to prevent unauthorized automated access, individual judgment links cannot be opened directly. Please access this content via Google Search or the TaxPundit Search Portal.