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2018 (5) TMI 438 - HC - Income TaxRectification of mistake u/s 154 - claim of depreciation - Held that:- As perused the order impugned in which the ITAT held that the assessee is having two vehicles which were purchased and used only for the transportation and against the said service assessee firm charged transportation charges from customers in their sale bills as it is evident from the ledger account submitted that transport outward and inward have been maintained commonly and net balance of ₹ 4,48,172/- has been shown in profit and loss account as an expense. The assessee is justified in charging the depreciation as claimed because no mistake has been pointed out by the AO himself and as per Section 154(2) of the Act the income tax authority can rectify the mistake apparent from the records on its own and in this case, the order has been passed under Section 154 rectifying the mistake on the basis of objection by the audit party which is not an income tax authority as per law. No error has been committed by the learned ITAT.
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