https://www.taxtmi.com/caselaws?id=258270 The Tribunal held that the Commissioner of Income Tax incorrectly invoked jurisdiction under Section 263 of the Income Tax Act. The Tribunal ruled in favor of the assessee, allowing the deduction for the provision made for pay revision. It concluded that the liability for pay revision had accrued during the relevant assessment year and was not contingent, based on past experience and negotiations that had commenced during that year. The Tribunal emphasized that the Assessing Officer's decision was supported by judicial precedents, and the CIT's invocation of Section 263 was unjustified. The appeal was allowed, and the CIT's order was set aside. en-us Thu, 19 Feb 2015 00:00:00 +0530 Mon, 09 Nov 2015 12:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258270 The Tribunal held that the Commissioner of Income Tax incorrectly invoked jurisdiction under Section 263 of the Income Tax Act. The Tribunal ruled in favor of the assessee, allowing the deduction for the provision made for pay revision. It concluded that the liability for pay revision had accrued during the relevant assessment year and was not contingent, based on past experience and negotiations that had commenced during that year. The Tribunal emphasized that the Assessing Officer's decision was supported by judicial precedents, and the CIT's invocation of Section 263 was unjustified. The appeal was allowed, and the CIT's order was set aside. Case-Laws Income Tax Thu, 19 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258270