2016 (3) TMI 1294

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....s assessee's appeal against the order dated 15.01.2014, passed by the ld. CIT(A)-XXIII, New Delhi, relating to A. Y. 2009-10. 2. Brief facts of the case are that during the year under consideration the assessee had shown income from business or profession, income from house property and income from other sources and had file d return declaring income of Rs. 3,27,79,273/-. In course of assessment ....

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....on realization by the assessee, was voluntarily offered to be added to the returned income of the assessee. The assessee submitted that the addition made by the AO was instantly agreed by the assessee during the course of assessment because the assessee realized that accounting error had crept in the computation and, therefore, no penalty should be levied. The AO, however, did not accept the asses....

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....ely considered the depreciation allowable as per section 32. He pointed out that the computation was prepared by a professional and due to inadvertence the depreciation claimed on property in books of a/c was left to be included in the total income, as assessee had already claimed deduction u/s 24(a) while computing income from house property. He relied on the decision of Hon'ble Supreme Court in ....

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....The property was appearing in the fixed assets schedule along with other properties, therefore, for all practical purposes, it was treated as a business asset and the depreciation was, accordingly, claimed in the books of account. This aspect is not disputed. It was only at the time of computation of income that the assessee should have made the addition to the profits as per P&L A/c because the i....