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2020 (10) TMI 461 - HC - Income TaxRevision u/s 263 - AO allowed depreciation at 25% on the right to lease hold land as classified as an intangible asset by the assessee - Tribunal held that the assessee having furnished the details that the lease hold rights were intangible assets before the Assessing Officer it should be deemed that the details was deemed to have been examined and relief granted in favour of the assessee by the Assessing Officer and the finding recorded by the Commissioner to the contrary was not correct - HELD THAT:- Tribunal has found that the AO on meticulous appreciation of evidence on record has allowed depreciation on intangible assets and the CIT (Appeals) while passing the order u/s 263 has held that the enquiry and verification made by the AO is inadequate and the land cannot be treated as intangible asset. Powers u/s 263 of the Act has been exercised and the order of the AO has been set aside. The Tribunal has held that mere inadequacy of an enquiry or insufficiency of material on record cannot be a ground to invoke powers under Section 263 of the Act. The view taken by the Tribunal is in consonance with well settled legal principles referred to supra. - Decided against revenue.
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