TMI Blog2022 (3) TMI 1524X X X X Extracts X X X X X X X X Extracts X X X X ..... reciation 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... apparent from the record. 2. The assessee in the Miscellaneous Application has submitted that it has claimed deduction u/s 42 of the Act, in its income tax return which was disallowed by the AO. However, the AO was pleased to grant depreciation on the asset being Oil well and Oil field equipment at the rate of 10%. 3. On appeal the Tribunal after making reliance in the own case of the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the order of the ITAT in ITA No.3988/Ahd/2018 for the Assessment Hear 2005-06 vide order dated 31/12/2019 in the own case of the assessee. But due to the mistake, the ITAT has directed the AO to delete the addition made by him, though there was not any addition made by the AO during the assessment proceedings. Thus the question of deleting the addition made by the AO does not arise. Accordingl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ld. AR for the assessee. 8. We have heard the rival contentions of both the parties and perused the materials available on record. Admittedly, the assessee in ground no. 3 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 mis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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