Bonafide Error in Claiming 15% Depreciation Instead of 7.5%: ITAT finds Assessee Eligible for Additional Depreciation u/s 32(1)(iia)

The ITAT has found that a taxpayer made a "bonafide error in claiming depreciation" and has ruled that the assessee is eligible for additional depreciation. The tribunal's decision provides a significant victory for the taxpayer. The ruling clarifies that a genuine mistake should not be a ground for denying a legitimate claim. This judgment is a crucial precedent for other cases.