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2015 (6) TMI 668 - AT - Income TaxRevision u/s 263 - disallowance of depreciation on on forging press as per CIT(A) - Held that:- Assessing Officer has granted depreciation to assessee on being satisfied with the explanation of the assessee, supported by documents that forging press was installed and put to use on 29.03.2008 after conducting proper enquiry into matter. The Assessing Officer, after considering explanation of the assessee, partly disallowed depreciation as well, will prove that issue of depreciation was correctly examined by the Assessing Officer at assessment stage. Therefore, when the Assessing Officer adopted one of the courses permissible in law and the view taken by the Assessing Officer was permissible as per law to which the ld. Commissioner of Income Tax may not agree, would not treat the assessment order to be erroneous and prejudicial to the interest of revenue. Ld. Commissioner of Income Tax has not held that the view taken by the Assessing Officer is unsustainable in law. It, therefore, appears that the ld. Commissioner of Income Tax changed the opinion by reappraising the evidence already on record, thus it would not give revisional jurisdiction to him under section 263 of the Act to set aside the assessment order. - Decided in favour of assessee.
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