2009 (11) TMI 481

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....02 under Section 143(3) of the Income Tax Act at an income of Rs.3.96 crores under normal provision and at Rs.5.56 crores under Section 115JA of the Act. Thereafter on 9th March, 2004 orders were passed by the CIT under Section 263 of the Act. According to the CIT, the Assessing Officer had wrongly allowed expenditure of Rs.3.99 crores being strategic management consultancy fee as revenue expendit....

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....ing in view the judgment of the Supreme Court in Empire Jute Co. Ltd. vs. Commissioner of Income Tax-[1980] 124 ITR 1 (SC) and, therefore, could not find the basis of revising the order under Section 263 of the Act. On the second ground the order of CIT is maintained and therefore we are not concerned with that. The view of the Tribunal on the expenses on account of strategic management consult....

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....sible view of the matter thus was taken by the AO accepting the claim of the assessee on this issue while completing the assessment u/s 143(3) and we, therefore, agree with the contention of the ld Counsel of the assessee raised before us that it was not permissible for the ld. CIT u/s 263 to substitute such possible view taken by the AO with his own view merely on the basis of some comments made ....