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Mistake in depreciation claimed as per IT Act - How to rectify and claim refund ??

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(Querist)
19 October 2023 In AY 22-23 Co. has sold Fixed assets for Rs.22 lacs ( original cost - 92 lacs). As per income tax ( WDV concept) Rs.22 lacs should have been deducted from WDV ( sale price). However by mistake 92 lacs was deducted which resulted in lower depreciation. We have paid higher tax due to above mistake.

can we file rectification u/s. 154 or revision application and claim refund ?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
20 October 2023 Section 154 rectification not applicable for such mistakes.
Adjust it in current year filing.
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CA Abhishek Singh

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CA Abhishek Singh (Querist)
21 October 2023 how to adjust in current year ? is there any specific section ??
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
21 October 2023 Add 60 lacs for wrong deduction and claim depreciation.
No section it's depreciation calculation.
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CA Abhishek Singh

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CA Abhishek Singh (Querist)
23 October 2023 you mean i should add in WDV ? so that we get higher depreciation
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
23 October 2023 Yes you are right.....
.....
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