TaxTMI 
TaxTMI 
2026 (1) TMI 1027
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.....2024 for Assessment Years 2013-14 and 2014-15 and dated 03.07.2024 for AY 2016-17 of National Faceless Appeal Centre, Delhi, arising out of assessment orders dated 03.07.2024 and 08.07.2024 passed by ACIT, Circle-2(2)(1) u/s 144 r.w.s. 147 and ACIT, Circle-2(1)(1) u/s 154 of the Income Tax Act, 1961 (hereinafter referred to as 'the Act'). 2. At the outset, the ld. Counsel pointed that with regard to appeal for AY 2013-14 and 2014-15, there is delay of 28 days for filing of the appeal, for which the assessee has filed a delay condonation application along with affidavit, wherein, it is mentioned that the order was received at the email address of previous consultant. 2.1. Considering the reasons cited and the facts that the delay is n....
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....anation on the objection raised by the audit party and to show cause as to why the depreciation on camera & camera accessories shall not be charged at 15% instead of 60% as claimed by the assessee. The assessee allegedly failed to explain the reason for charging depreciation at 60% whereas as per provisions of the Act, the depreciation on camera & camera accessories shall be charged at 15% since the same were part of plant & machinery for the assessee. In view of audit objection & non-compliance of the assessee, the AO charged the depreciation at 15% instead of 60% as claimed by the assessee and excess depreciation of Rs.1,25,53,104/- was disallowed thereby adding it to the total income of the assessee for the year under consideration. 5....
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....terised machines) - Assessee was a firm engaged in business of publication of daily newspaper - For relevant year it claimed depreciation on 'cannon lide, scanner, computerized counting and stacking machines, transportation charges, CP machine, scanner, sisco router, modem etc. at rate of 60 per cent treating them as computers and computer peripherals - Lower authorities disallowed same and held that such equipments were eligible at 15 per cent - They held that any machinery using computer as one of components could not be classified as 'computers' for depreciation purposes because computer in machine could not be used for any other purpose - Further they held that assessee could not have invented its own nomenclature and added ....
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....y settled that the rectification is to deal with apparent mistakes from the record rather then to revisit issues by carrying out any detailed proving enquiry. As. with regard to the present issue about the applicability of correct rate of depreciation, in similar facts and circumstances, the Pune Bench of the Tribunal in the case of ACIT, Circle-1, Kolhapur, vs Sadashivrao Mandlik Kagal Talua Sahakari Sakhar Karkhana Ltd., Kolhapur in ITA No.2730/Pun/2017 order dated 28.02.2024 was considering the case where, the Assessing Officer has invoked the provisions of section 154 of the Act for rectification of the assessment order for the purposes carrying out the detailed exercise of re-computing the assessee's depreciation/additional depreciatio....
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....ee's return was opened for reassessment u/s 147 of the Act by issuing notice dated 28.03.2019 on the basis of Investigation Wing report about deposit of substantial cash in various bank accounts. A copy of this reason for reopening are made available at pages 52-53 of the paper book and a proforma of approval are placed at pages 147-148 of the paper book. The contention of the ld. Counsel is that the reasons and the approval, both are outcome of nonapplication of mind and this is defended by ld. DR by submitting that whatever is cited is merely clerical error otherwise the assessee had not disclosed the source of deposit of cash in the bank accounts. 9. Now what comes up from the reasons recorded for reopening is that there is an allegat....