https://www.taxtmi.com/caselaws?id=335342 Revision under section 263 was held unsustainable where the Assessing Officer had made enquiries and adopted a plausible view. On deemed tax credit for dividend income from Oman under article 25(4) read with section 90, the treaty provision was treated as a tax-sparing measure, so credit was allowable even though no tax was actually paid in Oman; the revisional authority could not substitute another interpretation. On capitalisation of interest under section 36(1)(iii), the record showed examination of borrowings, fixed assets, capital work-in-progress and accounting treatment, and the assessee had sufficient interest-free funds and internal accruals. As both issues had been properly examined, the revisional order was unsustainable. en-us Mon, 19 Sep 2016 00:00:00 +0530 Wed, 30 Nov 2016 14:03:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335342 Revision under section 263 was held unsustainable where the Assessing Officer had made enquiries and adopted a plausible view. On deemed tax credit for dividend income from Oman under article 25(4) read with section 90, the treaty provision was treated as a tax-sparing measure, so credit was allowable even though no tax was actually paid in Oman; the revisional authority could not substitute another interpretation. On capitalisation of interest under section 36(1)(iii), the record showed examination of borrowings, fixed assets, capital work-in-progress and accounting treatment, and the assessee had sufficient interest-free funds and internal accruals. As both issues had been properly examined, the revisional order was unsustainable. Case-Laws Income Tax Mon, 19 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335342