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2013 (9) TMI 269 - ITAT AHMEDABADRevision u/s 263 - Correctness of application of section 263 by CIT – AO allowed set off B/F losses and unabsorbed depreciation - Held that:- Nothing has been brought on record to show that any inquiry has been made by the AO in the course of assessment proceedings on this account and hence, it has to be accepted that such set off was allowed by the AO in the absence of any supporting material and without making any inquiry and therefore, the jurisdiction exercised by ld. CIT u/s. 263 of the Act is justified - Decided against the assessee. Revision u/s 263 - AO did not refer the case of TPO where International transaction reported by the assessee in Form 3CEF is more than Rs.5 crore Held that:- oard Instruction No. 3 dated 20-05-2003 issued by CBDT u/s. 119 of the Act as per which it was decided that wherever the value of international transaction exceeds to Rs. 5 crore, the case should be taken up for scrutiny and reference u/s.92CA be made to the TPO - the Assessing Officer was duty-bound to refer the matter to the TPO for determination of Arm's Length Price and since, this was not done by the AO, it has to be accepted that the assessment order in both years is erroneous as well as prejudicial to the interest of Revenue. - Decided against the assessee.
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