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TMI Blog2020 (10) TMI 461X X X X Extracts X X X X X X X X Extracts X X X X ..... de order dated 04.07.2012 on the following substantial questions of law: (i) Whether the Tribunal was correct in holding that the assessee having furnished the details that the lease hold rights were intangible assets before the Assessing Officer it should be deemed that the details was deemed to have been examined and relief granted in favour of the assessee by the Assessing Officer and the finding recorded by the Commissioner to the contrary was not correct? (ii) Whether the Tribunal was correct in holding that the lease hold right held by the assessee amounting to Rs. 2,01,69,575/- was an intangible asset and depreciation could be claimed and the interference u/s. 263 of the Act was neither erroneous or prejudicial to the interest o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sions of Section 263 are not attracted in the fact situation of the case. 4. We have considered the submissions made by learned counsel for the parties and have perused the record. Before proceeding further, it is apposite to take note of the relevant extract of Section 263 of the Act, which reads as under: 263. Revision of orders prejudicial to revenue (1) The Commissioner may call for and examine the record of any proceeding under this Act, and if he considers that any order passed therein by the Assessing Officer is erroneous in so far as it is prejudicial to the interests of the revenue, he, may, after giving the assessee an opportunity of being heard and after making or causing to be made such inquiry as he deems necessary, pass suc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Tribunal has found that the Assessing Officer on meticulous appreciation of evidence on record has allowed depreciation on intangible assets and the Commissioner of Income Tax (Appeals) while passing the order under Section 263 of the Act has held that the enquiry and verification made by the Assessing Officer is inadequate and the land cannot be treated as intangible asset. On the aforesaid basis, the powers under Section 263 of the Act has been exercised and the order of the Assessing Officer has been set aside. The Tribunal has held that mere inadequacy of an enquiry or insufficiency of material on record cannot be a ground to invoke powers under Section 263 of the Act. The view taken by the Tribunal is in consonance with well settled ..... X X X X Extracts X X X X X X X X Extracts X X X X
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