https://www.taxtmi.com/caselaws?id=221018 The Tribunal upheld the revision orders by the Commissioner of Income-tax for assessment years 2002-03 and 2003-04 under section 263 of the Income-tax Act, 1961. In the first case, errors in depreciation allowance treatment were found, resulting in excessive benefit to the assessee. The second case involved disallowance of interest deduction on loans for ESOP shares, deemed not for business purposes. The Tribunal directed reassessment for 2003-04, advising the assessee to present arguments. The original orders were deemed erroneous and prejudicial to revenue interests, leading to dismissal of the assessee's appeals. en-us Tue, 17 Jan 2012 00:00:00 +0530 Fri, 24 May 2013 10:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221018 The Tribunal upheld the revision orders by the Commissioner of Income-tax for assessment years 2002-03 and 2003-04 under section 263 of the Income-tax Act, 1961. In the first case, errors in depreciation allowance treatment were found, resulting in excessive benefit to the assessee. The second case involved disallowance of interest deduction on loans for ESOP shares, deemed not for business purposes. The Tribunal directed reassessment for 2003-04, advising the assessee to present arguments. The original orders were deemed erroneous and prejudicial to revenue interests, leading to dismissal of the assessee's appeals. Case-Laws Income Tax Tue, 17 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221018