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TMI Blog2013 (1) TMI 65X X X X Extracts X X X X X X X X Extracts X X X X ..... and in law, the Tribunal is justified in quashing the order passed under Section 263 of the Income Tax Act, 1961? b) Whether on the facts and circumstances of the case, and in law, the Tribunal was justified in holding that the assessment made by the Assessing Officer was not erroneous and prejudicial to the interest of the revenue, in so far as, expenditure incurred in foreign exchange on travel, professional fees and other matters were not considered for exclusion from export turnover for the purpose of computing exemption u/s. 10A of the IT Act, even though, such exclusion is specifically provided in the said section itself? c) Whether on the facts and circumstances of the case, and in law, the IT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as against Rs.1.43 crores claimed in the return of income. 4. In exercise of its powers under Section 263 of the Act, the Commissioner of Income Tax by a notice dated 06.03.2009 called upon respondent assessee to show cause why the Assessment Order dated 28.12.2006 should not be set aside/modified as foreign exchange expenses relating to travel, professional fees and other matters should have been excluded from the export turnover. Thereafter by order dated 30.03.2009, the Commissioner of Income Tax held that Assessment order dated 28.12.2006 was erroneous and prejudicial to the interest of the revenue. In as much as, according to him, expenses incurred in foreign exchange were not inquired into by the Assessing Officer so as determine ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s prejudicial to the interest of revenue and also erroneous. In this particular case, the order of the Commissioner of Income Tax holds that the order is erroneous as further inquiries were not made. However, no further inquiries were warranted as there was no occasion for the Assessing Officer to doubt the particulars to examine the same further. Besides, it is undisputed position that the nature of service are such that the services are being provided in India and thereafter merely transmitted to Standard and Poor. Therefore, the foreign exchange expenses relating to travel, professional fees and other matters are not incurred in providing technical services outside India. Further the expenses in foreign exchange have been reimbursed and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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