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2018 (12) TMI 39 - HC - Income TaxDepreciation of leased assets - admission of claim at the appellate stage - bonafide omission - whether a claim raised for the first time before the Appellate Authority, which claim was not available in the return filed before the AO, nor a revised return within the time stipulated; could be considered in appeal? - Held that:- It is to be noticed that the appellant was quite conscious of the fact that there could be no depreciation claimed on leased assets under the Act since no such claim was made in the returns filed. Hence, the claim not having been raised cannot be said to be a bonafide omission. The depreciation of leased assets having not been specifically claimed, the assessee was entitled to claim business expenditure, of the lease rent, which they had not claimed in the return. There was no such expenditure shown in the Profit & Loss Account. The learned Counsel specifically refers to the balance sheet as produced by the assessee, along with the audit report to contend that the rent outflow is specifically indicated there. That would not facilitate a consideration of the issue as a bona fide omission; since the claim was not raised due to sheer negligence and it had not even figured in the profit and loss account. It was not the subject matter of assessment. This is not a case which comes under the cover of the facts being evident from the records, which would enable consideration of the claim at the appellate stage. - Decided in favour of the Revenue
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