#section 263
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When the disputed issue is decided by the Apex Court, the proceeding initiated u/s 263, against the deduction wrongly claimed by the assessee and allowed by the AO, cannot be said to be an invalid stating that there were two opinions available
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S. 263 CIT not permitted to substitute his views with AOs view about computation of income
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Period of limitation for CIT order u/s 263 for issue, which is not the subject matter of reassessment
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Assessee not entitled to deduction u/s 10A on the foreign exchange fluctuation gain which is derived on external commercial borrowings and not from the export activity of the assessee
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Failure of AO to consider book profit provisions renders assessment erroneous
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Goodwill is intangible asset u/s 32(1)(ii) and eligible for depreciation
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S. 263 If two views possible CIT have to agree with AO’s even if there is a loss of revenue
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Mere occupancy right under leave & licence agreement not sufficient to attract Explanation 1 of section 32(1)
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Non-examination of issue by AO does not per se make assmt order prejudicial to interests of revenue for S. 263 revision
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Invocation of powers u/s 263 is legitimate on the ground of lack of compliance with the principle of consistency in allowing certain expenses as revenue expenditure
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Licenses / Approvals are Intangible asset and eligible for depreciation
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If there is lack of enquiry on part of A.O., provisions of section 263 can be applied
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Revenue cannot jurisdiction u/s 263 on issues considered and decided by CIT (Appeals)
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