https://www.taxtmi.com/caselaws?id=220517 Revision under section 263 was upheld because the assessment order showed no effective enquiry or application of mind on material issues, making it erroneous and prejudicial to Revenue. Foreign exchange fluctuation gain arising from transactions integrally connected with the operation of qualifying ships was held to fall within tonnage tax shipping income. Gratuity deduction under section 43B required proper verification of actual payment, so the matter was remitted for fresh examination of bank and supporting records. FCCB issue expenses were also sent back for reconsideration under the correct legal tests, as the record did not show adequate enquiry or analysis of the governing precedents. 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 Revision under section 263 was upheld because the assessment order showed no effective enquiry or application of mind on material issues, making it erroneous and prejudicial to Revenue. Foreign exchange fluctuation gain arising from transactions integrally connected with the operation of qualifying ships was held to fall within tonnage tax shipping income. Gratuity deduction under section 43B required proper verification of actual payment, so the matter was remitted for fresh examination of bank and supporting records. FCCB issue expenses were also sent back for reconsideration under the correct legal tests, as the record did not show adequate enquiry or analysis of the governing precedents. Case-Laws Income Tax Fri, 04 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220517