Case law on deprecaition
This query is : Resolved
12 February 2015
While filing 2011-12 return I hace claimed deprecation @ 100 % on motocar purcahsed since payment was made in the month of Sept . However during asst the ITO pointed out that that date as per the RC book of motor vehicle was 7th Oct . Accordingly the dep that can be availed was only 50% .
Now he wants to add back 50% of depn wrongly caimed by me in my income . He also wants to charge penalty for furnishing inaccurate particulars . According to me it was a mistake that we didnt verify the RC book . is there any case law which will help me to reduce my penalty.
Now he wants to add back 50% of depn wrongly caimed by me in my income . He also wants to charge penalty for furnishing inaccurate particulars . According to me it was a mistake that we didnt verify the RC book . is there any case law which will help me to reduce my penalty.
12 February 2015
your ao is correct as when u become the owner on record is the material date and accordingly the date taken shall be 7th oct and dep shall be 50%
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