https://www.taxtmi.com/caselaws?id=26030 The High Court held that the Commissioner of Income-tax was competent to revise the order passed by the Inspecting Assistant Commissioner (Assessment) under section 263 of the Income-tax Act. The court also ruled that a proportionate amount of Rs. 94,875 discount to subscribers of bonds should be considered as an allowable expenditure over the period for which the bonds are issued, based on accounting and auditing principles. en-us Mon, 09 Dec 1985 00:00:00 +0530 Tue, 02 Feb 2010 13:22:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26030 The High Court held that the Commissioner of Income-tax was competent to revise the order passed by the Inspecting Assistant Commissioner (Assessment) under section 263 of the Income-tax Act. The court also ruled that a proportionate amount of Rs. 94,875 discount to subscribers of bonds should be considered as an allowable expenditure over the period for which the bonds are issued, based on accounting and auditing principles. Case-Laws Income Tax Mon, 09 Dec 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26030