Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2009 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2009 (8) TMI 9 - HC - Income TaxRectification of mistake - ITAT held that depreciation allowed earlier cannot be withdrawn by revoking the provisions of Section 154 – held that - Only argument raised is that the asset itself did not exist and thus, the claim of the assessee was bogus. This submission cannot be accepted. There is nothing to substantiate this argument. Regular assessment had been done under Section 143(3) of the Act and depreciation was held to be admissible. It has been held that the assessee purchased the asset and leased out the same in the course of its business. Rectification was permissible only if there was error apparent on the face of the record and not something which could be established by long drawn process of reasoning – revenue appeal dismissed.
|