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TMI Blog2024 (3) TMI 94X X X X Extracts X X X X X X X X Extracts X X X X ..... ng facts sufficiently indicate that the AO s impugned action invoking sec.154 rectification for the purpose of carrying-out a detailed exercise of re-computing the assessee s depreciation/ additional depreciation could hardly be held as sustainable in law in principle in light of TS Balram, ITO vs. Volkart Bros. [ 1971 (8) TMI 3 - SUPREME COURT] . Their lordship s have settled the law long back th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appeal no. Kop/147/2015/16, dated 28.10.2015, involving proceedings u/s. 154 of the Income Tax Act, 1961 (in short the Act ). Case called twice. None appears at assessee s behest. It is accordingly proceeded ex-parte. 2. The Revenue pleads the following substantive grounds in the instant appeal : 1. On the facts and in the circumstances of the law, the CIT(A)-2, Kolhapur has erred in a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... DV ignoring the legal position, that such claim is allowed only on actual cost of new machinery or plant acquired and installed after the 31 st day of March, 2005. 4. The appellant prays that the order of the CIT(A)-2, Kolhapur be vacated and that of the Assessing Officer be restored. 5. The appellant craves leaves to add, alter, amend, modify any of the grounds or raise any other gro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation claims, as the case may be. This followed the Revenue Audit Party [ RAP ] s objections that the Assessing Officer s regular assessment had resulted in under-assessment of income qua the foregoing depreciation/additional depreciation issue(s). This made the Assessing Officer to initiate sec.154 rectification vide notice to the assessee dated 09.06.2015. The Revenue could hardly dispute before ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se of sec.154 rectification is to deal with the apparent mistakes on record than carrying-out detailed roving enquiries. This is indeed coupled with the fact that the CIT(A)'s has already termed the impugned rectification as a debatable one which further strengthens the assessee s stand against the applicability of sec. 154 proceedings. We thus see no reason to accept the Revenue s instant sol ..... X X X X Extracts X X X X X X X X Extracts X X X X
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