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2022 (8) TMI 143 - HC - Income TaxRevision u/s 263 - when deduction under Section 35(2)(iv) is allowed in respect of capital expenditure on assets used for scientific research, no depreciation is allowable under Section 32 on the same assets - HELD THAT:- The order passed by the Tribunal rightly reflects the legal position and when two views are possible and the assessing officer had accepted the assessee’s claim for depreciation by placing reliance on the decision of this Court, the order cannot be reversed by the CIT branding the same as being erroneous in so far as it is prejudicial to the interest of revenue. Therefore, we find that there is no error committed by the Tribunal in holding that the exercise of jurisdiction under Section 263 was not proper and justified. In the light of the above substantial question of law is answered against the revenue.
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