https://www.taxtmi.com/caselaws?id=120956 The Tribunal held that the restructuring expenses claimed by the assessee should be allowed on a proportionate basis under section 35DD, not as revenue expenditure under section 37(1). The Assessing Officer's failure to inquire into the specific expenses rendered the order erroneous and prejudicial to the revenue's interest. The Tribunal upheld the revision under section 263, emphasizing that orders passed without due diligence are detrimental to revenue interests, citing the principle from Malabar Industrial Co. Ltd. v. CIT. The appeal was dismissed, affirming the necessity to allocate expenses in line with section 35DD for amalgamation/merger-related costs. en-us Fri, 28 Sep 2007 00:00:00 +0530 Wed, 25 Jul 2012 15:47:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120956 The Tribunal held that the restructuring expenses claimed by the assessee should be allowed on a proportionate basis under section 35DD, not as revenue expenditure under section 37(1). The Assessing Officer's failure to inquire into the specific expenses rendered the order erroneous and prejudicial to the revenue's interest. The Tribunal upheld the revision under section 263, emphasizing that orders passed without due diligence are detrimental to revenue interests, citing the principle from Malabar Industrial Co. Ltd. v. CIT. The appeal was dismissed, affirming the necessity to allocate expenses in line with section 35DD for amalgamation/merger-related costs. Case-Laws Income Tax Fri, 28 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120956