1997 (12) TMI 654

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.... Commissioner, Meerut. Two questions have been proposed in the application, namely, (1) whether, on the facts and circumstances of the case, the Appellate Tribunal was legally correct in cancelling the order passed by the Commissioner, Meerut under section 263 on the view that the assessment order passed by the ITO was not erroneous and prejudicial to the interest of revenue, (2) whether the Tribu....

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.... been allowed in computing the taxable income for the said assessment year. On appeal by the assessee to the Appellate Tribunal the order under section 263 was set aside and the assessment order was restored. The Tribunal relying upon a decision of this Court in CIT v. Development Trust (P.) Ltd. [1991] 189 ITR 504/ 55 Taxman 200 held that the liability to incur the expenses on account of developm....