Claim of depreciation on land cannot be termed as clerical mistake

Ambience Hospitality Pvt. Ltd Vs DCIT (Delhi High Court) The brief facts of the present case are that the complainant/Deputy Commissioner of Income Tax, filed a complaint against the petitioner alleging that the false depreciation on land amounting to Rs. 31,80,000 was claimed in the company’s balance sheet in the assessment year 2007-2008 shown under the head ‘property’ along with the depreciation on building and as per IT Act, land is exempted from taxation. After the assessment done by the Assessing Officer, penalty of Rs. 32,11,164/- was imposed for concealment. An appeal was preferr...