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2012 (12) TMI 522 - AT - Income TaxRevision of Order by CIT u/s 263 – Erroneous and prejudicial to the interest of Revenue – Adjustment of unabsorbed depreciation while claiming deduction u/s 10B - Held that:- Divergent views were expressed by the Hon’ble Karnataka, Bombay & Kerala High Court. Following the decision in case of Malabar Industrial Co. Ltd. (2000 (2) TMI 10 - SUPREME COURT) that when two views are possible and the AO has taken one view with which the CIT does not agree, it cannot be treated as erroneous and prejudicial to the interest of Revenue unless the view taken by the AO is unsustainable in law. There is a contrary view expressed by the Hon’ble High Courts and AO has accepted one view. Therefore order of CIT u/s 263 needs to be set aside. Issue decides in favour of assessee
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