2026 (4) TMI 1774

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....Act"). 2. The brief facts of the case are that the assessee had filed his return of income for A.Y. 2017-18 on 21.09.2018 declaring total income of Rs. 40,49,531/-. The assessment was completed u/s. 143(3) of the Act on 27.12.2019 at total income of Rs. 51,53,550/-. Subsequently, the AO had noticed that the assessee had claimed wrong depreciation in respect of elevator and life-saving medical equipments under the head 'plant and machinery' which was allowed in the assessment. Therefore, a proceeding u/s. 154 of the Act was initiated to rectify the mistake apparent from the error. The AO had passed an order u/s. 154 r.w.s 143(3) of the Act on 09.01.2023 withdrawing the excess depreciation claimed by the assessee. 3. Aggrieved with the ....

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....5. Appellant craves leave to add, alter or delete any ground(s) either before or in the course of hearing of the appeal. 5. Shri Hardik Vora, the Ld. AR of the assessee submitted that the depreciation claim on the life-saving equipment was a debatable issue and, therefore, the AO was not correct in passing the rectification order u/s. 154 of the Act. In this regard, he relied upon the decision of Hon'ble Madras High Court in the case of Vasantha Subramanian Hospitals (P) Ltd. [98 taxmann.com 292 (Madras)]. 6. Per Contra Shri Abhijit, the Ld. Sr. DR, submitted that life-saving medical equipments, which are eligible for depreciation at the rate of 40%, are enumerated in Part - III of Machinery and Plants of the depreciation table under ....

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....Subtraction Angiography (h) Ventilator used with anaesthesia apparatus (i) Magnetic Resonance Imaging System (j) Surgical Laser (k) Ventilators other than those used with anaesthesia (1) Gamma knife (m) Bone Marrow Transplant Equipment including silastic long standing intravenous catheters for chemotherapy (n) Fibre optic endoscopes including, Paediatric resectoscope/audit resectoscope, Peritoneo- scopes, Arthoscope, Microlaryngoscope, Fibreoptic Flexible Nasal Pharyngo Bronchoscope, Fibreoptic Flexible Laryngo Bronchoscope, Video Laryngo Bronchoscope and Video Oesophago Gastroscope, Stroboscope, Fibreoptic Flexible Oesophago Gastroscope (o) Laparoscope (single incision....