https://www.taxtmi.com/caselaws?id=59538 The Tribunal upheld the disallowance of reserves, development reserve account, and debenture redemption fund. However, it allowed the deduction of interest on borrowed funds for the new power generation project. The gains on foreign exchange fluctuation were added to the total income. The Tribunal also ruled that the CIT had no jurisdiction under Section 263 to revise the assessment order, as the issue had already been considered by the Assessing Officer and the CIT(A), and the original order was not erroneous. en-us Wed, 21 Dec 2005 00:00:00 +0530 Sat, 15 Jun 2013 16:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59538 The Tribunal upheld the disallowance of reserves, development reserve account, and debenture redemption fund. However, it allowed the deduction of interest on borrowed funds for the new power generation project. The gains on foreign exchange fluctuation were added to the total income. The Tribunal also ruled that the CIT had no jurisdiction under Section 263 to revise the assessment order, as the issue had already been considered by the Assessing Officer and the CIT(A), and the original order was not erroneous. Case-Laws Income Tax Wed, 21 Dec 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59538