https://www.taxtmi.com/caselaws?id=265481 The court upheld the Commissioner of Income Tax's orders under Section 263, finding the assessment orders for the years 1991-92 and 1992-93 erroneous. The notional interest credited in the books of the eligible undertaking was deemed not directly connected with the industrial undertaking and thus could not be considered as profits for Section 10A purposes. The Tribunal's decision not to consider alternative submissions for deductions under Section 80HHC and Section 10A was deemed appropriate. The appeals were dismissed in favor of the Revenue. en-us Fri, 09 Oct 2015 00:00:00 +0530 Sat, 05 Mar 2016 16:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265481 The court upheld the Commissioner of Income Tax's orders under Section 263, finding the assessment orders for the years 1991-92 and 1992-93 erroneous. The notional interest credited in the books of the eligible undertaking was deemed not directly connected with the industrial undertaking and thus could not be considered as profits for Section 10A purposes. The Tribunal's decision not to consider alternative submissions for deductions under Section 80HHC and Section 10A was deemed appropriate. The appeals were dismissed in favor of the Revenue. Case-Laws Income Tax Fri, 09 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265481