https://www.taxtmi.com/caselaws?id=280490 The Tribunal quashed the order passed by the CIT under Section 263 of the Income Tax Act, holding that the AO had taken a possible view by treating the royalty payments as revenue expenditure. The Tribunal concluded that the CIT was not justified in invoking revisionary jurisdiction, as there was no lack of inquiry or erroneous application of law by the AO. The appeal of the assessee was allowed, and the assessment order treating the royalty payments as revenue expenditure was restored. en-us Wed, 05 Apr 2017 00:00:00 +0530 Tue, 07 May 2019 23:07:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280490 The Tribunal quashed the order passed by the CIT under Section 263 of the Income Tax Act, holding that the AO had taken a possible view by treating the royalty payments as revenue expenditure. The Tribunal concluded that the CIT was not justified in invoking revisionary jurisdiction, as there was no lack of inquiry or erroneous application of law by the AO. The appeal of the assessee was allowed, and the assessment order treating the royalty payments as revenue expenditure was restored. Case-Laws Income Tax Wed, 05 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280490