https://www.taxtmi.com/caselaws?id=220517 The Tribunal partly allowed the appeal, upholding the initiation of proceedings under S.263 but providing specific directions for re-examination of issues related to gratuity and FCCB expenses. It ruled that the foreign exchange fluctuation gain should be taxed under the Tonnage Tax Scheme, not as income from other sources. The Tribunal found the assessment order erroneous and prejudicial to the Revenue's interests due to lack of detailed discussion or evidence of the AO's application of mind, supporting the Commissioner of Income-tax's invocation of S.263. en-us Fri, 04 Jan 2013 00:00:00 +0530 Mon, 28 Jan 2013 11:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220517 The Tribunal partly allowed the appeal, upholding the initiation of proceedings under S.263 but providing specific directions for re-examination of issues related to gratuity and FCCB expenses. It ruled that the foreign exchange fluctuation gain should be taxed under the Tonnage Tax Scheme, not as income from other sources. The Tribunal found the assessment order erroneous and prejudicial to the Revenue's interests due to lack of detailed discussion or evidence of the AO's application of mind, supporting the Commissioner of Income-tax's invocation of S.263. Case-Laws Income Tax Fri, 04 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220517