When Creating an Asset in Depreciation module through the Planning module, the error "Error(Tax Book):ITC amount is over Limit" will occur when there is a value save in the Template used for the creation of the asset and that value is greater than twice the value of the asset(s) being created.
Edit the template to remove any values from the Book Information:

In Depreciaton:

 

1. Go to: Asset menu, New.
2. On the New Asset screen: Click the Template drop down box (Located in the upper Right of the Asset Detail), select the desired template, click Yes to apply the Template
3. Edit the Acquisition Value in all book to be zero. If prompted answer Yes-Placed-in-Service date to the questions.
4. Go to, Asset menu, select Save As Template, enter the same template name in Enter new template name: field, click Ok to save the Template, and click Yes to overwrite the existing template.