An inadvertent error committed at the time of feeding the information in the return of income for the claim of depreciation u/s 32-Applicability of Explanation 5 to Section 32 which provides that even though, the depreciation is not claimed in the return of income, the assessee shall be allowed the depreciation u/s 32 of the Act.Effect of Circular No. 14 (XI-35) of 1955 dtd. 11–04–1955. The assessee entitled for the claim of depreciation u/s 32 of the Act.(AY.2016-17)
Indauto Filters v. ACIT (2023) 102 ITR 403 (Bang) (Trib.)
S. 154 : Rectification of mistake-Mistake apparent from the record-CPC while processing the return of income in as much as depreciation u/s 32 has not been granted-Entitled for the claim of depreciation. [S.32]