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2022 (7) TMI 325 - AT - Income TaxRevision u/s 263 - claim of deduction of expenditure and depreciation but no revenue has been earned - Pr.CIT has directed the AO to make further enquiry on the admissibility of expenditure, major portion of which is depreciation of software obtained by the assessee AND since the assessee has not earned any revenue even after few years of above said commencement, AO has not done enquiry for allowing the said expenditure - HELD THAT:- Pr. CIT’s inference that AO should make further unspecified enquiries so that assessee should not be allowed expenditure and the depreciation because the assessee has not earned any revenue is not based upon any material whatsoever. Except for an endeavour to embark upon a fishing & roving enquiry, there is no merit in the order passed by ld. Pr.CIT. In our considered opinion, the basic premise on which Pr.CIT has invoked his jurisdiction u/s 263 is legally not sustainable. Hence we set aside the order of the ld. Pr.CIT and decide the issue in favour of the assessee.
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