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2022 (5) TMI 1496 - AT - Income TaxRevision u/s 263 - valuation of shares/charging of premium & depreciation on operation and management rights - As per CIT no inquiries carried out in respect of receiving share premium as well as depreciation on the deposit to the person running the Nanavati Hospital - HELD THAT:- There is no evidence on record, which could show that the Assessing Officer has made enquiry on the issue of applicability of section 56(2)(viib) of the Act and eligibility of depreciation on deposit made the person running the Nanawati Hospital as how the same was an intangible asset in the hands of the assessee. Merely placing of certain information by the assessee on the issue in dispute cannot be termed as conducting of enquiry by the AO. AO is not only adjudicator, but he is the investigator also as prior to adjudication of the issue, he is required to thoroughly investigate the issue by way of the inquiries, for which he has been given powers under the Act which include raising of queries under section 142(1) issuing notice under section 133(6) of the Act to 3rd parties or issue of summon u/s 131 of the Act for attendance of the witnesses etc. But no such inquiries were carried out by the assessee on the pile of information filed by the assessee. We are of the opinion that no enquiry has been carried out by the Assessing Officer on the two issues of i.e. applicability of section 56 (2)(viib) and depreciation on deposit of ₹25 crore. Assessing Officer has not analyzed the information supplied by the assessee and he simply accepted whatever filed by the assessee. In such circumstances, we can’t say that he has made any opinion or taken a particular view. Thus, no issue of change of opinion is involved in the case before us. We are of the opinion that there is no error in the order of the Ld. PCIT and accordingly we uphold the same. The grounds raised by the assessee are accordingly dismissed.
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