No penalty for Wrong claim of depreciation by crediting capital subsidy to reserves instead of reducing from actual cost/ WDV

Prafful Industries (P) Ltd Vs DCIT (ITAT Delhi)  It is not in dispute that the assessee has declared the total value of fixed assets (Plants & Machinery) in its books of accounts. It is also not in dispute that the capital subsidy received by the assessee under TUFF scheme of Gujrat Government was also declared by the assessee before the AO in the assessment proceedings. The only lapse on the part of the assessee unearthed by the AO in the assessment proceedings was that instead of deducting the cost of fixed assets by the amount of capital subsidy received from the Govt., the assessee ha...