https://www.taxtmi.com/caselaws?id=182439 The Tribunal allowed the appeal against the Commissioner of Income-tax's order u/s 263 of the Act, which challenged the treatment of Foreign Currency Convertible Bond (FCCB) issue expenses. The Tribunal held that the expenses were deductible in full in the year of incurring under section 37(1) and not required to be amortized under section 35D. As there was no contrary decision presented, the assessment order was deemed not erroneous or prejudicial to the revenue's interest. The Tribunal concluded that the CIT was incorrect in setting aside the assessment order, thereby allowing the appeal. en-us Fri, 28 Jun 2013 00:00:00 +0530 Tue, 10 May 2016 16:47:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182439 The Tribunal allowed the appeal against the Commissioner of Income-tax's order u/s 263 of the Act, which challenged the treatment of Foreign Currency Convertible Bond (FCCB) issue expenses. The Tribunal held that the expenses were deductible in full in the year of incurring under section 37(1) and not required to be amortized under section 35D. As there was no contrary decision presented, the assessment order was deemed not erroneous or prejudicial to the revenue's interest. The Tribunal concluded that the CIT was incorrect in setting aside the assessment order, thereby allowing the appeal. Case-Laws Income Tax Fri, 28 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182439