https://www.taxtmi.com/caselaws?id=325686 The Tribunal held that the Commissioner of Income Tax's invocation of Section 263 was not justified as the Assessing Officer's order was deemed neither erroneous nor prejudicial to revenue. The Tribunal set aside the CIT's order under Section 263 and allowed the assessee's appeal. It emphasized that the AO had taken a permissible view, and disagreement alone did not warrant revision. The Tribunal also affirmed the deductibility of lease rentals as revenue expenditure based on lease terms and judicial precedents, noting the AO's detailed consideration of the issue during assessment. en-us Fri, 19 Feb 2016 00:00:00 +0530 Sat, 26 Mar 2016 09:48:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325686 The Tribunal held that the Commissioner of Income Tax's invocation of Section 263 was not justified as the Assessing Officer's order was deemed neither erroneous nor prejudicial to revenue. The Tribunal set aside the CIT's order under Section 263 and allowed the assessee's appeal. It emphasized that the AO had taken a permissible view, and disagreement alone did not warrant revision. The Tribunal also affirmed the deductibility of lease rentals as revenue expenditure based on lease terms and judicial precedents, noting the AO's detailed consideration of the issue during assessment. Case-Laws Income Tax Fri, 19 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325686