Rectification u/s 154
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 November 2010
Dear All
the assessee has not claimed depreciation while filing the ITR, whether the same will be an mistake apparent from record u/s 154 of act.
Plz guide
the assessee has not claimed depreciation while filing the ITR, whether the same will be an mistake apparent from record u/s 154 of act.
Plz guide
16 November 2010
Dear Sir/Madam,
U need to file one revised return - U/Sec.154 talks about the rectification of order. Here, the mistakes happend from assessee end.
U need to file one revised return - U/Sec.154 talks about the rectification of order. Here, the mistakes happend from assessee end.
16 November 2010
Sec 154 speaks of Assessing Officer order & if there is any mistake of fact, it can be rectified.
In your case, you can claim the depreciation on the assets for which no depreciation is made. There shall be income from Business or Profession.
In your case, you can claim the depreciation on the assets for which no depreciation is made. There shall be income from Business or Profession.
17 November 2010
Allowing depreciation has become mandatory. Overlooking a non-discretionary but mandatory provision is a mistake that can be rectified under section 154. The following case law can be relied upon.
ACIT Vs. India Tin Industries pvt Ltd (1987) 166 ITR 454 (Kar).
ACIT Vs. India Tin Industries pvt Ltd (1987) 166 ITR 454 (Kar).
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- DELIVERY GOLD & SILVER AND OTHER ETF TRADING PROFIT AS BUSINESS INCOME
- GSTR-1A How to update Invoice
- Excess salary payment.
- 3cd- cash system of accounting is allowed?
- Provision for loans that are under Revenue Recovery
- Form 121-contradictory opinions
- APPLICABILITYOF GST ON STUDENT HOSTEL FEES
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Stamp Paper for partnership firm change new income tax 2025
- TDS on Purchase of Immovable Property by NRI from NRI
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
