https://www.taxtmi.com/caselaws?id=240477 The High Court dismissed the appeal challenging the Commissioner of Income Tax's exercise of revisionary powers under Section 263. The Court upheld the Tribunal's findings that the Assessing Officer's initial assessment lacked proper application of mind, justifying the Commissioner's jurisdiction. The Tribunal also ruled in favor of taxing the gain on foreign exchange under the Tonnage Tax Scheme and directed further examination of the disallowance of gratuity and expenses for FCCBs. The Court affirmed the Tribunal's decisions on these issues, stating no legal element was involved in the case. en-us Tue, 23 Jul 2013 00:00:00 +0530 Tue, 03 Dec 2013 17:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240477 The High Court dismissed the appeal challenging the Commissioner of Income Tax's exercise of revisionary powers under Section 263. The Court upheld the Tribunal's findings that the Assessing Officer's initial assessment lacked proper application of mind, justifying the Commissioner's jurisdiction. The Tribunal also ruled in favor of taxing the gain on foreign exchange under the Tonnage Tax Scheme and directed further examination of the disallowance of gratuity and expenses for FCCBs. The Court affirmed the Tribunal's decisions on these issues, stating no legal element was involved in the case. Case-Laws Income Tax Tue, 23 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240477