https://www.taxtmi.com/caselaws?id=121608 The Tribunal upheld the CIT's order under section 263, dismissing the assessee's appeals for the assessment years 1996-97 and 1997-98. The CIT found that the Assessing Officer's orders allowing interest claims on borrowed funds for share acquisitions were erroneous and prejudicial to revenue interests, as the primary intention was to acquire controlling interest rather than trade or earn dividends. The Tribunal agreed that the Assessing Officer's failure to properly examine the issue rendered the orders erroneous, leading to the dismissal of the appeals. en-us Thu, 29 Jan 2009 00:00:00 +0530 Tue, 31 Jul 2012 18:47:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121608 The Tribunal upheld the CIT's order under section 263, dismissing the assessee's appeals for the assessment years 1996-97 and 1997-98. The CIT found that the Assessing Officer's orders allowing interest claims on borrowed funds for share acquisitions were erroneous and prejudicial to revenue interests, as the primary intention was to acquire controlling interest rather than trade or earn dividends. The Tribunal agreed that the Assessing Officer's failure to properly examine the issue rendered the orders erroneous, leading to the dismissal of the appeals. Case-Laws Income Tax Thu, 29 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121608