2024 (11) TMI 167

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.... DR ORDER PER M. BALAGANESH, A. M.: 1. The appeal in ITA No.1254/Del/2024 for AY 2017-18, arises out of the order of the National Faceless Appeal Centre (NFAC), Delhi [hereinafter referred to as 'ld. NFAC', in short] in Appeal No. ITBA/NFAC/S/250/2023-24/1060673738(1) dated 08.02.2024 against the order of assessment passed u/s 270 of the Income-tax Act, 1961 (hereinafter referred to as 't....

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....nternally generated software and claimed depreciation @60% thereon in the return of income. The ld AO in the assessment considered the internally generated software to fall under the ambit of intangible assets thereby eligible for depreciation only @25% as against @60% claimed by the assessee. Accordingly, the ld AO disallowed the excess depreciation of Rs. 1,54,37,173/- in the assessment. This as....

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....ent rate had arose only due to difference in interpretation by the ld AO by not agreeing to the contention of the assessee. Ultimately this is only disallowance of a claim made by the assessee. There cannot be any allegation of either underreporting or misreporting of income. There is no concealment on the part of the assessee as all the details relevant for adjudication of the issue had been duly....