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2015 (8) TMI 1567 - AT - Income TaxRectification of mistake - Depreciation on goodwill - as per assessee Tribunal adjudicated on various issues facts relating to depreciation on goodwill, even though was on record and placed on record in the course of hearing, the said facts were not considered - HELD THAT:- As can be seen from the above, the ITAT has consciously not considered the ground as the facts were not on record. Just because an amount was shown in the balance sheet and claimed depreciation on the basis of entries in Books of Accounts, it cannot be considered that all facts are on record. Doubt has been expressed ‘how the goodwill arose, what is the amount, why assessee has not claimed depreciation and other issues require examination in AY. 2007-08’. The claim of depreciation has to be examined in the year in which such asset becomes part of Block of assets. Then in later years only consequential depreciation on WDV has to be allowed. Admittedly the Goodwill came into assessee books in AY 2007-08. Since, we were adjudicating the issues in AY. 2009-10, Bench also gave a clear finding that consequential depreciation can be allowed in AY. 2009-10. Assessee also admits that issue and the claim for AY. 2007-08 is still pending before the CIT(A). In these circumstances, we are of the opinion that there is no mistake apparent from record and accordingly, the contentions raised by assessee are rejected. Levy of interest U/s. 234C - As contended that interest can be levied only on the returned income and not on the assessed income as was done by the AO - HELD THAT:- Even though Ground with reference to levy of interest U/s. 234C were listed in para 3 of the order in page 3, adjudication on the issue was not made subsequently. Therefore, this contention of assessee is correct. With reference to the interest U/s. 234C, AO can examine levy as per provisions of Act in the consequential order as many issues were restored to AO in the order. Assessee should be given due opportunity and the calculation of interest should also be incorporated so as to examine the correctness of the calculations. Miscellaneous Application is partly allowed.
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