Case Law Details
Aggreko Energy Rental India Pvt. Ltd. Vs DCIT (ITAT Pune)
ITAT Pune held that appellate authority has power to entertain any new claim for the first time though not made before the Assessing Officer as the intention of the revenue would be to tax real income. Accordingly, revised claim of depreciation on goodwill made otherwise than by filing a revised ITR allowable.
Facts- The regular assessment proceedings of the assessee were culminated accepting the returned income without variation, whereby a claim made in the return of income for depreciation on goodwill for sum of ₹49,98,074/- computed @25% on notional written down value [for short “WDV”] of ₹1,99,92,295/- was allowed as deduction u/s 32(1)(ii) of the Act. However while framing the aforesaid assessment Ld. AO rejected to entertain an additional claim for notional depreciation of ₹3,41,66,726/-made first time during the course of assessment proceedings without filing a revised ITR on record.
Aggrieved assessee preferred an appeal to the first appellate authority, who countenanced the rejection on equi-reasons.
Being aggrieved by the orders of both the tax authorities below, the assessee is in appeal before us contesting against denial of legitimate claim for depreciation made u/s 32(1)(ii) of the Act.
Please become a Premium member. If you are already a Premium member, login here to access the full content.
Author Bio
Good one ☝️