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The ITAT allowed the assessee's appeal concerning the disallowance of excess depreciation claimed on plant and machinery used for less than 180 days. The assessee had erroneously claimed depreciation at 15% instead of the permissible 7.5% rate. Recognizing this as a bona fide mistake and noting no ineligibility on the part of the assessee, the tribunal held that additional depreciation should be allowed. Consequently, the difference in income reported under business and profession was rectified in favor of the assessee.
The ITAT allowed the assessee's appeal concerning the disallowance of excess depreciation claimed on plant and machinery used for less than 180 days. The assessee had erroneously claimed depreciation at 15% instead of the permissible 7.5% rate. Recognizing this as a bona fide mistake and noting no ineligibility on the part of the assessee, the tribunal held that additional depreciation should be allowed. Consequently, the difference in income reported under business and profession was rectified in favor of the assessee.
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