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2022 (11) TMI 534 - AT - Income TaxRevision u/s 263 - As per CIT, AO has not verified the claim of assessee u/s 80IC as well as the additional depreciation claimed by the assessee and interest income arising out of excess payment of advance tax/TDS - HELD THAT:- As in the original assessment u/s 143(3) AO has pointedly raised pre-related to details of deduction claim u/s 80IC in the return of income along with supporting evidences in respect of partly transaction of Himachal Unit in the format given in the notice dated 11.03.2019. At the time of assessment proceedings the AO has verified Form 10CCB as well as audited financial statements along with audit report which was enclosed with income tax return and computation of income. The very issues raised by the Pr. CIT of non-verification has been verified thoroughly by the AO at the stage of assessment proceedings u/s 143(3). Assessee through the documents has demonstrated that the claim of 80IC has also been previously claim for nine continuous years and this is the last and 10th year of the said deduction which has been claimed by the assessee. The additional depreciation part as well has been demonstrated by the assessee during the assessment proceedings. Related to interest of TDS the same also has been properly verified by the AO and the documents reveals that no addition is called for in that sphere. Therefore, the invocation of 263 by the Pr. CIT is not justifiable as the proper verification has been done by the AO at the assessment state and the view taken by the Pr. CIT is considered as a changed of opinion and cannot be construed as revisionary powers envisaged under the Pr. CIT’s powers given under Section 263 of the Act. Thus, the appeal of the assessee is allowed.
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