2018 (9) TMI 1176

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..... peal under Section 260A of the Income Tax Act, 1961 (the Act), challenges the order dated 18.2.2015 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order dated 18.2.2015 is in respect of Assessment Year 200405. 2 Revenue urges the following question of law, for our consideration: "Whether in law and on the facts of the instant case, was the Tribunal justified in deletin .....

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..... figures from immediately preceding year. The Respondent had in the immediately preceding year had added plant and machinery. Thus, entitling it to additional depreciation of 15%. Therefore, claiming 40% depreciation in the preceding year. As a result, the depreciation claimed in the subject Assessment Year on the basis of figures in the computer for earlier year, was inadvertent. The Assessing Off .....

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..... rt of the immediately preceding year. Viewed from this angle, we are of the view that the explanation of the assessee appears to be bonafide one. It is quite possible that the depreciation rate may escape the attention while preparing the Depreciation Chart, since the basic depreciation rate has not been changed in the Statute during the year under consideration. Hence, we are of the view that the .....

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