https://www.taxtmi.com/caselaws?id=58258 The Tribunal affirmed that an assessee cannot claim new deductions in proceedings under section 263 of the Income-tax Act, focusing on rectifying errors causing revenue loss rather than entertaining fresh claims. It upheld the taxability of interest received related to excess profit duty, emphasizing the importance of the accounting method in determining tax liability. Despite the interest accruing in the 1950s, the assessment depended on the accounting method used by the assessee, leading to the acceptance of tax liability during the relevant year. en-us Tue, 10 Jul 1984 00:00:00 +0530 Sat, 18 Dec 2010 11:52:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58258 The Tribunal affirmed that an assessee cannot claim new deductions in proceedings under section 263 of the Income-tax Act, focusing on rectifying errors causing revenue loss rather than entertaining fresh claims. It upheld the taxability of interest received related to excess profit duty, emphasizing the importance of the accounting method in determining tax liability. Despite the interest accruing in the 1950s, the assessment depended on the accounting method used by the assessee, leading to the acceptance of tax liability during the relevant year. Case-Laws Income Tax Tue, 10 Jul 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58258