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Network-on-Chips (NoCs) have emerged as the standard on-chip communication fabrics for multi/many core systems and system on chips. However, as the number of cores on chip increases, so does power consumption. Recent studies have shown that NoC power consumption can reach up to 40% of the overall chip power. Considerable research efforts have been deployed to significantly reduce NoC power consumption. In this paper, we build on approximate computing techniques and propose an approximate communication methodology called DEC-NoC for reducing NoC power consumption. The proposed DEC-NoC leverages applications' error tolerance and dynamically reduces the amount of error checking and correction in packet transmission, which results in a significant reduction in the number of retransmitted packets. The reduction in packet retransmission results in reduced power consumption. Our cycle accurate simulation using PARSEC benchmark suites shows that DEC-NoC achieves up to 56% latency reduction and up to 58% dynamic power reduction compared to NoC architectures with conventional error control techniques.