Penalty cannot be sustained merely for disallowance of Depreciation claimed at higher rate

MakeMy Trip (India) Pvt. Ltd. Vs DCIT (ITAT Delhi) As regards the penalty based on addition on account of difference in rate of depreciation on computer peripherals, the Assessing Officer has observed that the assessee made a wrong claim of depreciation @ 60% on printers, UPS, computer stationery, routers and scanners by clubbing them with the computers. As per Assessing Officer these items fall in the category of office equipments for which depreciation is available @ 15%. It was also observed that assessee had clubbed the license fees paid for the software with the computer and the software ...