https://www.taxtmi.com/caselaws?id=206536 The Tribunal upheld the CIT's revision under Section 263, deeming the original assessment erroneous and prejudicial to revenue. The 'One time technology transfer fees' were held fully taxable in the year of receipt, rejecting spreading over five years. No deductions for future expenses related to the fees were allowed. The Tribunal emphasized the Assessing Officer's duty to conduct proper inquiries, dismissing the appeal and affirming the CIT's order. en-us Thu, 21 Apr 2011 00:00:00 +0530 Sat, 05 Nov 2011 00:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206536 The Tribunal upheld the CIT's revision under Section 263, deeming the original assessment erroneous and prejudicial to revenue. The 'One time technology transfer fees' were held fully taxable in the year of receipt, rejecting spreading over five years. No deductions for future expenses related to the fees were allowed. The Tribunal emphasized the Assessing Officer's duty to conduct proper inquiries, dismissing the appeal and affirming the CIT's order. Case-Laws Income Tax Thu, 21 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206536