https://www.taxtmi.com/caselaws?id=428920 The Tribunal held that the Principal Commissioner of Income Tax (PCIT) incorrectly assumed jurisdiction under Section 263 to revise assessment orders related to business promotion expenses. The expenses were deemed allowable under Section 37(1) as they were for stockists and distributors, not medical practitioners. The Assessing Officer had adequately examined the expenses, and the Medical Council of India Regulations and CBDT Circular did not apply. Additionally, the Tribunal ruled that additions in search assessments should be based on incriminating material, which was lacking in this case. The PCIT's action regarding non-reference to the Transfer Pricing Officer for specified domestic transactions was upheld for the assessment year 2017-18. en-us Fri, 29 Jul 2022 00:00:00 +0530 Wed, 12 Oct 2022 18:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428920 The Tribunal held that the Principal Commissioner of Income Tax (PCIT) incorrectly assumed jurisdiction under Section 263 to revise assessment orders related to business promotion expenses. The expenses were deemed allowable under Section 37(1) as they were for stockists and distributors, not medical practitioners. The Assessing Officer had adequately examined the expenses, and the Medical Council of India Regulations and CBDT Circular did not apply. Additionally, the Tribunal ruled that additions in search assessments should be based on incriminating material, which was lacking in this case. The PCIT's action regarding non-reference to the Transfer Pricing Officer for specified domestic transactions was upheld for the assessment year 2017-18. Case-Laws Income Tax Fri, 29 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428920