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2010 (3) TMI 899 - AT - Income TaxPenalty under section 271(1)(c) of the Act on account of excess claim of depreciation – Held that:- Claim of depreciation at 15 per cent. was a clerical error - written down value of building, furniture and fixtures was taken as single block and depreciation was claimed at 15 per cent. as against 10 per cent. allowable as per the Income-tax Rules - During the assessment proceedings, the assessee itself had furnished the revised chart and’ worked out that the depreciation claimed by it was higher - written down value of building, furniture and fixtures was taken as a single block by mistake and clue to clerical error’ the depreciation was claimed at 15 per cent., seems plausible – penalty canceled – in favor of assessee
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