https://www.taxtmi.com/caselaws?id=760486 ITAT Mumbai quashed PCIT's revision order u/s 263 regarding filing fees for share capital increase. The assessee had claimed filing fees of Rs. 10 crores as revenue expenditure when raising share capital. PCIT held AO's allowance was erroneous and prejudicial to revenue. ITAT found AO had conducted proper examination, allowing expenses after due inquiry and application of mind. The assessment was completed at returned income of Rs. 14,370 after examining both filing fees and section 35ABB deduction claims. ITAT held revision unjustified as AO's order wasn't erroneous or prejudicial to revenue interests. Appeal allowed. en-us Thu, 17 Oct 2024 00:00:00 +0530 Tue, 22 Oct 2024 08:34:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760486 ITAT Mumbai quashed PCIT's revision order u/s 263 regarding filing fees for share capital increase. The assessee had claimed filing fees of Rs. 10 crores as revenue expenditure when raising share capital. PCIT held AO's allowance was erroneous and prejudicial to revenue. ITAT found AO had conducted proper examination, allowing expenses after due inquiry and application of mind. The assessment was completed at returned income of Rs. 14,370 after examining both filing fees and section 35ABB deduction claims. ITAT held revision unjustified as AO's order wasn't erroneous or prejudicial to revenue interests. Appeal allowed. Case-Laws Income Tax Thu, 17 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760486