https://www.taxtmi.com/caselaws?id=122970 Revision under section 263 was sustained because the assessment had not examined ocean freight and hire charge disallowance. Higher depreciation was allowed for vehicles used, even occasionally, in a hire business, and depreciation on trawlers was also allowed because possession and business use were treated as sufficient despite absence of formal title transfer. For trawler hire charges, section 40(a)(i) applied only to the sum chargeable under the Act, so only the taxable portion could be disallowed and a recomputation was directed on a 10% basis. Ocean freight disallowance was deleted on the facts, while disallowance of ESI and PF dues was sustained for want of timely payment. en-us Thu, 24 Feb 2011 00:00:00 +0530 Wed, 22 Aug 2012 14:25:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122970 Revision under section 263 was sustained because the assessment had not examined ocean freight and hire charge disallowance. Higher depreciation was allowed for vehicles used, even occasionally, in a hire business, and depreciation on trawlers was also allowed because possession and business use were treated as sufficient despite absence of formal title transfer. For trawler hire charges, section 40(a)(i) applied only to the sum chargeable under the Act, so only the taxable portion could be disallowed and a recomputation was directed on a 10% basis. Ocean freight disallowance was deleted on the facts, while disallowance of ESI and PF dues was sustained for want of timely payment. Case-Laws Income Tax Thu, 24 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122970