https://www.taxtmi.com/caselaws?id=430424 The Tribunal upheld the Principal Commissioner of Income Tax's jurisdiction under Section 263, finding the original assessment erroneous. It agreed with disallowing the claimed expenses of Rs. 5,13,41,403 as they were not permissible under the marketing agreement. Additionally, the Tribunal supported the direction to examine the foreign exchange loss of Rs. 2,38,77,814, restricting it to the relevant assessment year. Consequently, the appeal was dismissed in favor of the revenue authority, affirming their decisions on all contested issues. en-us Wed, 16 Nov 2022 00:00:00 +0530 Fri, 18 Nov 2022 10:36:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430424 The Tribunal upheld the Principal Commissioner of Income Tax's jurisdiction under Section 263, finding the original assessment erroneous. It agreed with disallowing the claimed expenses of Rs. 5,13,41,403 as they were not permissible under the marketing agreement. Additionally, the Tribunal supported the direction to examine the foreign exchange loss of Rs. 2,38,77,814, restricting it to the relevant assessment year. Consequently, the appeal was dismissed in favor of the revenue authority, affirming their decisions on all contested issues. Case-Laws Income Tax Wed, 16 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430424