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2013 (3) TMI 558 - AT - Income TaxPrinciple of merger - Revision U/s 263 of the Income Tax Act, 1961 - Under assessment of Book Profit - Interest U/s 244A - Held that:- Rs 81.32 crores in respect of depreciation on investments has already been added back to assessee’s income, vide appeal effect order dated 5th March 2010 (copy placed before us at page 34 of the paper-book), and as such revision order was not warranted in respect of the same. The appeal effect order stands merged with the assessment order, and once the adjustment is carried out, there cannot be any occasion to invoke powers under section 263 in respect of the same. Decision in the case of CIT Vs Yokogawa India Ltd (2011 (8) TMI 766 - KARNATAKA HIGH COURT) followed. Decision of non-jurisdictional high court - held that:- No doubts, the views so expressed are by a non jurisdictional High Court. However, there being nothing to the contrary by Hon’ble jurisdictional High Court, or, for that purpose, by any of the Hon’ble High Court, these views bind us as well. In any case, the set off of amortization with admissible depreciation does not appeal to us, nor any conceptual or legal basis for the same was demonstrated to us. However, we need not really deal with that aspect of the matter on this factual matrix. In view of these discussions, in respect of all the three issues, the impugned revision order is devoid of legally sustainable merits. - Decided in favor of assesse.
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