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2017 (9) TMI 1655 - AT - Income TaxRevision u/s 263 - validity of order passed u/s 153A - Held that:- As the A.O remaining within the four parameters of law had passed the assessment order u/s. 153A r.w.s 143(3), dated, 27.03.2015, therefore, the said assessment cannot be faulted with and held to be "erroneous". We thus are of the considered view that now when the assessment order passed by the A.O is not found to be "erroneous", therefore, the Principal CIT had wrongly assumed jurisdiction and revised the order in exercise of the powers vested with him u/s 263 of the 'Act'. We thus set aside the order passed by the Principal CIT under Sec. 263 of the 'Act' and restore the order passed by the A.O under Sec. 153A r.w.s 143(3) Depreciation claim allowability - revision of an order passed by an A.O in respect of an issue cannot be carried out without putting the assessee to notice and affording an opportunity of being heard to him, as stands contemplated u/s 263(1) of the 'Act', in respect of the said issue, therefore, the order passed by the Principal CIT u/s 263 to the extent directing the A.O to further examine the claim of the assessee in respect of initial depreciation on the addition of fixed assets of ₹ 17,60,00,000/- made during the year, without affording any opportunity to the assessee to put forth an explanation as regards the same, cannot be sustained.
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