2015 (6) TMI 447

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....r products, telephone cables as well as generation of wind power. The return of income for the year under consideration was filed by it on 29.09.2008 declaring total income of Rs. 18,74,72,717. In the assessment completed under section 143(3) vide order dated 29.12.2010, the total income of the assessee was determined by the A.O. at Bhagyanagar India Ltd., Secunderabad. Rs. 20,28,41,540. The record of the said assessment subsequently came to be examined by the Ld. CIT and on such examination, he was of the opinion that the order passed by the A.O. under section 143(3) has the following errors. (i) "Excess depreciation allowed on electrical installation at 15%. (ii) Excess depreciation allowed on office equipment at 15%. (iii) Payment of ....

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....l dated 06.11.2012 vide order dated 06.11.2012, the A.O. committed a mistake of adding the short term capital gain of Rs. 46,27,052 twice. The assessee therefore moved an application under section 154 seeking rectification of the said mistake and the A.O. vide order dated 28.12.2012 passed under section 154 duly rectified the mistake committed by him by making the addition on account of short term capital gain twice. While passing the said order, he also made rectification on account of the following issues which, according to him, also constituted mistakes in the order dated 06.12.2012. Sl.No. Nature of Additions Amount in Rs. i. Disallowance of additional depreciation claimed under I.T. Act on Plant and Machinery 8,44,715 ii. Disa....

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....rate of 10%. (b) The second category included in plant and machinery III(8)(E) which includes condensers, automatic power cut device, capacitors etc., entitled for depreciation at the rate of 80%. (c) All other electrical equipment other than the above two categories classified under the head plant and machinery. Part III(1) entitled for depreciation at the rate of 15%. It was explained by the appellant that the depreciation in this case was claimed on electric transformers, gear boxes heavy duty motors, power distribution boards etc., which were classified as plant and machinery, Part III(1) of Depreciation Schedule. Accordingly, 15% of depreciation was correctly claimed by the appellant." 5.1. After taking into consideration the above....