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2013 (1) TMI 65 - HC - Income TaxRevision of orders prejudicial to revenue u/s 263 - CIT(A)s revision orders quashed by ITAT - nature of expenses incurred in foreign exchange for the purpose of determining the deduction under Section 10A - Held that:- Before jurisdiction u/s 263 can be exercised, CIT must be satisfied that the order of the AO is prejudicial to the interest of revenue and also erroneous. In the present case, the order of the CIT 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 AO 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 therefore were not originally included in export turnover by the respondent assessee so as to rework the same. Thus no fault can be found in the order of the Tribunal - no substantial questions of law.
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