2018 (6) TMI 50

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....Hearing 18.01.2018 Date of Pronouncement 27.02.2018 2) The appellant craves to amend, modify, alter, add or forego any ground(s) of appeal at any time before or during the hearing of this appeal." 2. We observe that the assessee is engaged in the manufacturing and printing of laminated pouches and bags The brief facts of the case are that the the assessee has filed originally return of income on 29th September, 2018 delcaring loss of Rs. 1,32,97,313/- and the case was completed assessment u/s 143(3) on 23.11.2010. Later, the case was reopen by issuing notice u/s 148/147 on dated 30.3.2012 after recording following reasons as under :- "Perusal of records revealed that the assessee had claimed and allowed depreciation of Rs. 1,39,55,650/- ....

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....ntioned below :-  Particular w.d.v. as on 31-3-2008 Amount/rate claimed Depreciation allowable Excess claim Plant and machinery 43136340 12940902 @ 30% 6470451 @ 15% 64,70,451 Lab equipment 180240 54072 @ 30% 27036 @ 15% 27,036 Electrical and fittings 2782089 834627 @ 30% 278209 @ 10% 5,56,418 Office equipments 372686 111806 @ 30% 55903 @ 15% 55,903 Office vehicle 35608 14243 @ 40% 5341 @ 15% 8,902 Total depreciation in excess claimed by assessee 71,18,710   5. The ld. AO make addition of Rs. 71,18,710/- as excess depreciation claimed on the above basis and aggrieved by the addition, he is in appeal before the CIT(A). The ld. CIT(A) after considering the submissions of the assessee and he allowed t....

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....ough which plastic film of the required size is made after granules are put into it. The appellant further claimed that machinery is squarely covered under "moulds used in rubber & plastic goods factories" as Sub Item (3)(vii) of Item III (Plant & Machinery) of Part A to Schedule of Depreciation having depreciation @30%. On considering the facts of the case it is observed that the appellant has changed its stand what it had argued on the issue before the A.O. in the re-assessment proceedings. Before the A.O., the higher claim of depreciation was made justifiable on the ground that the appellant company was operating on triple shift basis and its machinery and other assets were being utilized accordingly. However, during the appellate proce....