https://www.taxtmi.com/caselaws?id=417127 Section 263 could not be invoked where the Assessing Officer had made enquiries on the acquisition of office premises, depreciation, professional receipts and business promotion es, and had adopted one plausible view on the material before him. The Tribunal noted that the assessee had paid consideration and taken possession before registration, so the later registration was treated as a formality for acquisition purposes; it also observed that section 50 does not require the asset to be put to use. Professional receipts were fully disclosed, with foreign receipts not subject to withholding tax in India, and the business promotion expense details were furnished during assessment. On these facts, the revisional order was not sustainable. en-us Tue, 11 Jan 2022 00:00:00 +0530 Sat, 15 Jan 2022 08:50:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417127 Section 263 could not be invoked where the Assessing Officer had made enquiries on the acquisition of office premises, depreciation, professional receipts and business promotion es, and had adopted one plausible view on the material before him. The Tribunal noted that the assessee had paid consideration and taken possession before registration, so the later registration was treated as a formality for acquisition purposes; it also observed that section 50 does not require the asset to be put to use. Professional receipts were fully disclosed, with foreign receipts not subject to withholding tax in India, and the business promotion expense details were furnished during assessment. On these facts, the revisional order was not sustainable. Case-Laws Income Tax Tue, 11 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417127