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TMI Blog2021 (9) TMI 702X X X X Extracts X X X X X X X X Extracts X X X X ..... he profit and loss account, but not taken into consideration while computing the total income, which was also the subject matter of rectification in the order dated 31.3.2016, passed under section 154 of the Act, is not under challenge before us. In view of the above, the grievance of the assessee is accepted qua the issue of allowing of depreciation to the assessee, which is the only issue in appeal before us. Nothing further survives for adjudication, nor was anything else argued. Accordingly, the order under appeal qua this issue is reversed. - Decided in favour of assessee. - ITA No.266/LKW/2018 - - - Dated:- 14-9-2021 - Shri. A. D. Jain, Vice President And Shri T. S. Kapoor, Accountant Member For the Appellant : Shri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssible depreciation. 5. That the learned C.I.T (Appeals) has erred on facts in sustaining the addition of other income for ₹ 23,52,626/- to the estimated income by learned A.O. without considering the fact that in the assessment order passed u/s 143(3) of I.T. Act the learned A.O. has rightly not taken other income shown at ₹ 23,52,626/- in the Profit and Loss Account while computing the taxable income because of the fact that other income are against expenses claimed in similar heads of accounts and after adjustments of expenses there would remain NIL income. 6. That the learned CIT. (Appeals) has erred on facts in not considering the fact that the order passed u/s 154 of I.T. Act by A.O. are not covered by mistakes a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7; 2,34,40,537/- Less:- Depreciation as per I.T. Act ₹ 97,33,962/- Assessed Income u/s 143(3)/144 ₹ 1,37,06,575/- 5. Being aggrieved by the assessment order dated 26.03.2014 passed u/s143(3) of the Act, the assessee preferred an appeal before the CIT(A), who dismissed the appeal upholding the rejection of the books and the assessee did not file any further appeal. 6. The Assessing Officer vide order dated 31.03.2016, rectified the original assessment order passed on 26.03.2014 and assessed the income of the assessee at ₹ 2,17,58,326/-as under: Income estimated ₹ 1,94,05 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ticed from the assessment order and the case record that depreciation of ₹ 40,34,834/- debited to the profit and loss account had been added to the income of the Assessee-company, whereas the depreciation, allowable as per the Income Tax Act, of ₹ 97,33,962/-, had been reduced during the scrutiny assessment for the relevant assessment year, which is not permissible as per the Income Tax Act; that the Assessing Officer initiated the proceedings under section 154 of the Act for enhancing the assessed income and added back the excess depreciation that was allowed inadvertently, amounting to ₹ 56,99,128/- and added other income of ₹ 23,52,626/- shown in the profit and loss account that had not been taken into considerati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , notwithstanding anything contained in any law for the time being in force, amend the order under that sub-section in relation to any matter other than the matter which has been so considered and decided. 11. In the assessee s case, the matter regarding allowing of depreciation to the assessee by virtue of the assessment order, passed under section 143(3) of the Act, on 26.3.2014, was considered and decided by the ld. CIT(A), vide order dated 15.5.2015. As per section 154(1A) of the Act, since this matter has been considered and decided in appeal by the order dated 15.5.2015, it cannot be amended. The provisions of section 154(1A) of the Act are explicit in this regard. This could not be controverted before us. The issue of other in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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