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2022 (3) TMI 1524 - AT - Income TaxRectification of mistake - deduction u/s 42 disallowed by the AO - AO grant depreciation on the asset being Oil well and Oil field equipment at the rate of 10% - HELD THAT:- We rectify the para 26.1 of the order of the ITAT as detailed we direct the AO to allow depreciation at the rate of 60% on the oil well and oil field equipment as plant & machinery as provided Entry II(8)(xii) as Appendix I to the Income Tax Rules, 1962. Additional depreciation u/s 32(1)(iia) which has not been adjudicated by the ITAT inadvertently - Admittedly, the assessee has requested for allowing the additional depreciation on the Oil field and oil field equipment but the ITAT has omitted to adjudicate the additional depreciation claimed u/s 32(1)(iia) of the Act inadvertently which is a mistake apparent from record within the meaning of the provisions of section 254(2) of the Act. Thus the registry is directed to fix the case for a fresh hearing on 26/04/2022 for the limited purpose as discussed above.
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