https://www.taxtmi.com/caselaws?id=281137 The Court upheld the Tribunal's decision to set aside the CIT's order, ruling that the assessment order was not erroneous or prejudicial to revenue. The Tribunal and CIT(A) were justified in quashing the assessment order and deleting the disallowance of development expenses, as the expenses were deemed a legitimate business expenditure. The Court emphasized the need for clear findings to invoke revisional powers under Section 263, which were lacking in this case. The appeals were dismissed, affirming the decisions of the Tribunal and CIT(A). en-us Tue, 24 Oct 2017 00:00:00 +0530 Wed, 05 Jun 2019 06:22:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281137 The Court upheld the Tribunal's decision to set aside the CIT's order, ruling that the assessment order was not erroneous or prejudicial to revenue. The Tribunal and CIT(A) were justified in quashing the assessment order and deleting the disallowance of development expenses, as the expenses were deemed a legitimate business expenditure. The Court emphasized the need for clear findings to invoke revisional powers under Section 263, which were lacking in this case. The appeals were dismissed, affirming the decisions of the Tribunal and CIT(A). Case-Laws Income Tax Tue, 24 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281137