https://www.taxtmi.com/caselaws?id=796512 Depreciation claimed by a power-generating undertaking under Appendix I may validly exercise the option available under the second proviso to rule 5(1A), where the claim is made in the return and supported by the Form 3CD depreciation computation. Full disclosure of asset cost, use and depreciation particulars, coupled with a revised computation submitted before any specific depreciation query, supports the bona fides of the correction. A dispute over the applicable depreciation method or rate, without false, erroneous or fictitious particulars or an unsubstantiated explanation, does not attract penalty under section 271(1)(c); Explanation 1 does not apply. en-us Mon, 27 Jul 2026 00:00:00 +0530 Thu, 06 Aug 2026 09:11:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796512 Depreciation claimed by a power-generating undertaking under Appendix I may validly exercise the option available under the second proviso to rule 5(1A), where the claim is made in the return and supported by the Form 3CD depreciation computation. Full disclosure of asset cost, use and depreciation particulars, coupled with a revised computation submitted before any specific depreciation query, supports the bona fides of the correction. A dispute over the applicable depreciation method or rate, without false, erroneous or fictitious particulars or an unsubstantiated explanation, does not attract penalty under section 271(1)(c); Explanation 1 does not apply. Case-Laws Income Tax Mon, 27 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796512