- (1.) AT the outset, learned counsel for the assessee-respondent brought to our notice that identical issue has been considered by this Court in the case of CIT vs. Jain Construction Co. & Ors. (1999) 156 CTR (Raj) 290 : (2000) 245 ITR 527 (Raj), wherein this Court has taken a view that inspite of the fact that net profit rate has been applied, the assessee is also entitled for deduction of depreciation. This judgment of Jain Construction (supra) has also been followed by this Court in the case of Bharat Construction Co. vs. CIT (D.B. Civil IT Reference No. 55 of 1998, dt. 13th Sept., 2001) [since reported at (2002) 172 CTR (Raj) 408--Ed.].
(2.) FOLLOWING the consistent view of this Court, we see no reason to interfere in the appeal. The appeal stands dismissed.;