https://www.taxtmi.com/caselaws?id=209320 The Income Tax Appellate Tribunal (ITAT) upheld the Commissioner of Income-tax's (CIT) action under section 263, finding the Assessing Officer's (AO) assessment order erroneous and prejudicial to revenue interest due to inadequate inquiries. The CIT's scrutiny of international transactions, brokerage expenses, general charges, and commission on sales was deemed appropriate except for brokerage expenses, already addressed by the AO and CIT(Appeals). The ITAT partially allowed the assessee's appeal, instructing the AO not to further investigate the brokerage expenses issue of Rs. 11,52,195. en-us Fri, 26 Feb 2010 00:00:00 +0530 Wed, 24 Jul 2013 10:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209320 The Income Tax Appellate Tribunal (ITAT) upheld the Commissioner of Income-tax's (CIT) action under section 263, finding the Assessing Officer's (AO) assessment order erroneous and prejudicial to revenue interest due to inadequate inquiries. The CIT's scrutiny of international transactions, brokerage expenses, general charges, and commission on sales was deemed appropriate except for brokerage expenses, already addressed by the AO and CIT(Appeals). The ITAT partially allowed the assessee's appeal, instructing the AO not to further investigate the brokerage expenses issue of Rs. 11,52,195. Case-Laws Income Tax Fri, 26 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209320