https://www.taxtmi.com/caselaws?id=60073 The Tribunal upheld the CIT's jurisdiction under section 263, finding the assessment erroneous and prejudicial to revenue interests. The dispute arose from the deduction of excise and customs duties under section 43B, with the Tribunal determining that the ITO's allowance of the claim resulted in double deduction due to the duties already being debited to the profit and loss account. The appeal was dismissed, affirming the CIT's decision to enhance the total income by the claimed amount of Rs. 98,25,833. en-us Fri, 20 Nov 1992 00:00:00 +0530 Mon, 03 Jan 2011 15:56:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60073 The Tribunal upheld the CIT's jurisdiction under section 263, finding the assessment erroneous and prejudicial to revenue interests. The dispute arose from the deduction of excise and customs duties under section 43B, with the Tribunal determining that the ITO's allowance of the claim resulted in double deduction due to the duties already being debited to the profit and loss account. The appeal was dismissed, affirming the CIT's decision to enhance the total income by the claimed amount of Rs. 98,25,833. Case-Laws Income Tax Fri, 20 Nov 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60073