https://www.taxtmi.com/caselaws?id=306212 The Tribunal quashed the CIT's orders for the assessment years 2007-08 and 2008-09, ruling in favor of the assessee. The Tribunal held that the CIT's assumption of jurisdiction under section 263 was improper as the Assessing Officer had correctly examined and allowed the disputed expenditures, which were deemed revenue expenditures. The appeals challenging the disallowance of net present value and periphery development expenses were successful, with the Tribunal finding no error prejudicial to the revenue. en-us Fri, 11 May 2012 00:00:00 +0530 Tue, 17 Jan 2023 17:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306212 The Tribunal quashed the CIT's orders for the assessment years 2007-08 and 2008-09, ruling in favor of the assessee. The Tribunal held that the CIT's assumption of jurisdiction under section 263 was improper as the Assessing Officer had correctly examined and allowed the disputed expenditures, which were deemed revenue expenditures. The appeals challenging the disallowance of net present value and periphery development expenses were successful, with the Tribunal finding no error prejudicial to the revenue. Case-Laws Income Tax Fri, 11 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306212