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TMI Blog2024 (5) TMI 1238X X X X Extracts X X X X X X X X Extracts X X X X ..... essment Year 2015-16. 2. The registry has noted delay of 54 days in filing the appeal. Ld. Counsel for the assessee has filed affidavit of the Trustee/Managing Director. The said affidavit is as under: 1. I, D. Dasarathan, am the Trustee / Managing Director of the above mentioned Trust having office at the above mentioned address. 2. I am well acquainted with the facts and circumstances of the case. 3. I state that I have filed an appeal before the Honourable Tribunal, Chennai against the appellate order in ITBA/NFAC/S/250/2023-24/1057695144(1) dated 04.11.2023. 4. I humbly state before the Honourable Income Tax Appellate Tribunal, that the filing of appeal before the Honourable Appellate Tribunal was due on 02.01.2024. But I have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Learned Assessing Officer of CPC, Bangaluru, was arbitrary and is against law and contrary to facts of the case and hence Erroneous and untenable in Law. 2. Claiming of Depreciation alone and by itself, cannot lead to levy of tax. The Levy of tax, by the scheme of the Act, was to be supported by inadequacy of application of Income and failure to file Form No. 10 by the Appellant. 3. The Assessing officer of the Rectification Order was wrong in levying tax solely on the ground of charging/claiming of depreciation without looking in to, or considering the facts/aspects of application of income for the said year. 4. The Assessing officer of the Rectification Order, has grossly erred in refusing to rectify the assessment order /intimat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xisting for the purpose of education for A.Y. 2015-16. The assessee has e-filed its Return of income on 30.09.2015 for A.Y. 2015-16. The assessee in its return of income claimed exemption under both the sections 11 & 10(23C) of the Act, basis as claimed in the past and subsequent to the said Assessment Year. Being the first year after the introduction of section 11(6) of the Act, appellant was required to fill up prescribed format of the Return of Income. In the prescribed format there were fields seeking details on depreciation. The assessee under the impression that perhaps depreciation will be disallowed automatically followed the instructions and filled the details of depreciation as the prescribed format did not provide chance or optio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ciation. He further, submitted that since there was application of income more than 85% of total income before depreciation, there would not be any tax liability, even if, depreciation was inadvertently claimed in the return. 10. Per contra, the Ld.Addl. CIT-DR pleaded to uphold the order of the Ld.CIT(A) and dismiss the appeal of the assessee. 11. We have heard the rival contentions of the parties and perused the material available on record. Section 11(6) of the Act provides as under : Section 11(6) inserted with effect from 1.4.2015 by Finance Act No. 2/2014, reads as under: "(6) In this section where any income is required to be applied or accumulated or set apart for application, then, for such purposes the income shall be determ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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