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2016 (11) TMI 435 - AT - Income TaxRevision u/s 263 - as per CIT(A) future development expenses were not verified by the AO at the time of assessment and that the future development expenses represents the cost which will be incurred in future and the therefore the same has not been crystallised in the year under consideration - Held that:- We disagree with the argument of the ld. AR that the twin conditions as specified under section 263 of the Act have not been satisfied for holding the order of the AO erroneous and prejudicial to the interest of Revenue. In the instant case the AO has failed to make sufficient enquiries at the time of assessment with regard to the future development cost expenses claimed by the assessee. Accordingly in this case where the tax is paid under normal provisions of tax or under the provisions of MAT under section 115JB of the Act, it does not make any difference. It is because the Hon’ble High Court of Delhi in the case of GEE VEE Enterprises (1974 (10) TMI 29 - DELHI High Court ) has held the order of the appeal in the aforesaid facts and circumstances as erroneous and prejudicial to the interest of revenue. In view of above we do not find any reason to interfere in the order of learned CIT passed under section 263 of the Act. Hence this ground of appeal of the assessee is dismissed.
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