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2012 (12) TMI 807 - AT - Income TaxJurisdiction power u/s 263 by CIT(A) - claim of depreciation on car against salary and interest from the firm – Held that:- The AO made an addition of Rs.17,533/-, treating the same as monetary perquisite, being interest free loan as the tax on the same as not exempt u/s 10(10CC) of the Act. The addition was made by the AO, on perusal of form No. 16A and on the basis of explanation, filed by the assessee. It is evident that the AO, has taken a legally permissible view, in the matter, in terms of the provisions of Section 10(10CC). The CIT has computed the income of Rs.18,339/- in respect of interest paid by the employer, as is evident from findings of the CIT. The issue, in question has been dealt with and considered by the AO, after application of mind and making requisite enquiries. Therefore, CIT is not competent u/s 263 to substitute his opinion, in place of the view taken by the AO. The impugned order of the CIT, falls beyond the statutory pale of Section 263 view further supported by the decision of the Apex Court n the case of Malabar Industrial Co. Ltd.V CIT [2000 (2) TMI 10 - SUPREME COURT] - in favour of assessee.
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