2025 (8) TMI 141

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...." for short) for the Assessment Year 2020-21. 2. The assessee has raised the following grounds of appeal: 1. The Ld.CIT(A), NFAC, Delhi has erred in confirming the income under the head business and profession at Rs. 14,80,783/- as against that of Rs. 5,26,408/- shown in the return of income filed. 2. The Ld.CIT(A), NFAC, Delhi has erred in not granting additional depreciation of Rs. 12,72,500/- to which the appellant is eligible and entitled. 3. The Ld.CIT(A), NFAC, Delhi has erred in not granting deduction of Rs. 12,72,500/- as additional depreciation in terms of Explanation 5 to Sec. 32(1) of the I.T. Act, 1961. 4. The Appellant craves leave to add, alter, amend or modify any of the grounds of appea....

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....depreciation allowance of 50%, rather than the 100% initially claimed. 6.3 However, during the proceedings, the appellant raised a new claim for additional depreciation under Section 32(1)(iia) of the Act. They argued that they are eligible for additional depreciation at a rate of 20% of the cost of the plant and machinery according to the cited provisions. Since the assets were used for less than 180 days, the appellant asserted they would be eligible for additional depreciation of 10% of the cost of acquisition. Consequently, the appellant claimed additional depreciation of Rs. 12,72,500 (10% of Rs. 1,27,25,000). The appellant noted that this additional depreciation was inadvertently not claimed when filing the return. Thus, they....

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....order of the Ld. CIT(A), the assessee has preferred the present appeal before the Tribunal 5. Before us, Ld. AR submitted that the assessee, which is engaged in manufacturing plastic products, filed the return of income declaring total income of Rs. 4,67,560/-. The Ld. AR submitted that the depreciation was inadvertently claimed at 15% i.e. Rs. 19,08,750/- on new plant and machinery used for less than 180 days, instead of the eligible 7.5% i.e. Rs. 9,54,375/-. The Ld. AR submitted that the assessee is eligible for additional depreciation of Rs. 12,72,500/- (10% of Rs. 1,27,25,000/-) under section 32(1)(iia), which was not claimed in the return due to bonafide oversight. Thus, the total allowable depreciation is Rs. 22,26,875/-, exceeding....