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2022 (1) TMI 344 - AT - Income TaxRevision u/s 263 by CIT - allowability of depreciation of Intangible Asset-USA asset - as per CIT AO not examined the allowability of depreciation of intangible asset - HELD THAT:- As in the present case, the AO has not made any enquiry, examination or verification of allowability of claim of depreciation of Intangible Asset. Therefore, it is a clear case of no enquiry and thus, when the AO has not made any opinion by way of proper and sufficient enquiry then the allegation of change of opinion cannot be held as sustainable - there is no deliberation by the AO on this issue while passing the assessment order. We reach to a logical conclusion that Pr. CIT was right in holding that the assessment order is erroneous and prejudicial to the interest of the Revenue being passed without making any verification/examination on the issue of allowability of depreciation of Intangible Asset-USA asset, which was acquired by the assessee company on merger of its subsidiary situated at USA. Therefore, we are compelled to hold that ld Pr. CIT was correct, justified and reasonable in directing the AO to redo the assessment after thorough examination of the issue of claim of depreciation on Intangible asset-USA asset after giving an opportunity to the assessee. Appeal of the assessee is dismissed.
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