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TMI Blog2023 (2) TMI 1077X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to consider following substantial questions of law: 1. Whether on the facts and in the circumstances of the case, the Tribunal is right in law in allowing appeal preferred by assessee by setting aside the CIT's order of revision passed under Section 263 of the Act? 2. Whether on the facts and in the circumstances of the case, the Tribunal is right in law in holding that all the five issues take up for revision are debatable and the said five issues have been dealt by the Tribunal which are in favour of assessee? 3. Whether on the facts and circumstances of the case, the Tribunal is right in law in not appreciating that CIT had taken up revision under Section 263 of the Act as all the conditions for taking up such revision were sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al ought to have only examined whether the conditions for invoking power under Section 263 of the Act was valid and ought not to have considered the matter on merits. 5. In support of his contentions, he placed reliance on Cognizant Technology Solutions India (P) Ltd. Vs. Deputy Commissioner of Income-Tax, LTU, Chennai. [(2019) 106 taxmann.com 388]. 6. Opposing the appeal, Shri. T. Suryanarayana, for the assessee submitted that the CIT(A) erred in exercising its jurisdiction under Section 263 of the Act since all the issues have been covered by the various decisions and statutory authorities. 7. We have carefully considered the rival contentions and perused the records. 8. The five issues which were raised for CIT(A)'s consideration ar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rtains to a third party's liability, and therefore the same cannot be levied under Section 143(3) of the Act. Re. issue v: 13. In CIT v. Finlay Mills Ltd. [(1951) 20 ITR 475 (SC)], the Apex Court held that the expenses incurred towards registration of trademark is revenue in nature. Therefore, allowance of expenditure incurred on new logo has to be allowed as deduction. 14. Section 263 of the Act reads as follows: "263. Revision of orders prejudicial to revenue: The Commissioner may call for and examine the record of any proceeding under this Act, and if he considers that any order passed therein by the Assessing Officer is erroneous in so far as it is prejudicial to the interests of the revenue, he, may, after giving the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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