ITAT deletes penalty on excess depreciation claimed due to Mistakes at CA Office

M. Prabaharan Vs ITO (ITAT Chennai) Before us, the Chartered Accountant Shri Jeevarathinam categorically admitted in writing that the duplication of assets has happened while calculating the depreciation as per Income Tax Act while computing the tax computation sheet by his staff. He admitted that while doing so, the staff has wrongly computed the deprecation value filed 15% block of assets with respect to the said assessment year and accordingly, excess depreciation claimed was made to the extent of Rs. 17,86,187/-. The Chartered Accountant vide letter filed during the course of hearing and ...