https://www.taxtmi.com/caselaws?id=400312 The ITAT quashed the Principal Commissioner's order under section 263 of the Income Tax Act, 1961, regarding the assessment year 2011-12. The Tribunal determined that the Assessing Officer had conducted a thorough examination of the legal and professional expenses, which were allowable as revenue expenditure. The Tribunal found no error or prejudice to the Revenue's interests, rendering the Principal Commissioner's revision unjustified. The appellant's appeal was allowed, affirming that the Assessing Officer had applied due diligence and taken a permissible view in the original assessment. en-us Tue, 13 Oct 2020 00:00:00 +0530 Tue, 05 Nov 2024 11:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400312 The ITAT quashed the Principal Commissioner's order under section 263 of the Income Tax Act, 1961, regarding the assessment year 2011-12. The Tribunal determined that the Assessing Officer had conducted a thorough examination of the legal and professional expenses, which were allowable as revenue expenditure. The Tribunal found no error or prejudice to the Revenue's interests, rendering the Principal Commissioner's revision unjustified. The appellant's appeal was allowed, affirming that the Assessing Officer had applied due diligence and taken a permissible view in the original assessment. Case-Laws Income Tax Tue, 13 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400312