https://www.taxtmi.com/caselaws?id=72056 The Tribunal allowed the assessee's appeal, setting aside the Revenue authorities' orders concerning jurisdiction under Section 143(2) and assessment under Section 144. It ruled that the Assessing Officer (AO) erred in assuming jurisdiction and completing the assessment. The Tribunal also directed the AO to allow the premium paid on the Keyman Insurance Policy as business expenditure and to delete the disallowance of selling and administrative expenses. The Revenue's appeal was dismissed as infructuous, as the CIT(A) had only directed verification of claims regarding setting off brought forward losses. en-us Fri, 15 Feb 2008 00:00:00 +0530 Tue, 16 Jan 2024 14:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=72056 The Tribunal allowed the assessee's appeal, setting aside the Revenue authorities' orders concerning jurisdiction under Section 143(2) and assessment under Section 144. It ruled that the Assessing Officer (AO) erred in assuming jurisdiction and completing the assessment. The Tribunal also directed the AO to allow the premium paid on the Keyman Insurance Policy as business expenditure and to delete the disallowance of selling and administrative expenses. The Revenue's appeal was dismissed as infructuous, as the CIT(A) had only directed verification of claims regarding setting off brought forward losses. Case-Laws Income Tax Fri, 15 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=72056