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PCIT has rightly invoked extraordinary revisionary powers as are enshrined in Section 263 as no inquiry, verifications and ivestiigations were made by the AO before allowing deduction of interest expenditure payments to HUF. It is not brought on record by the AO whether Karta is partner in his individual capacity albeit representing HUF or instead HUF is partner in the assessee firm directly
PCIT has rightly invoked extraordinary revisionary powers as are enshrined in Section 263 as no inquiry, verifications and ivestiigations were made by the AO before allowing deduction of interest expenditure payments to HUF. It is not brought on record by the AO whether Karta is partner in his individual capacity albeit representing HUF or instead HUF is partner in the assessee firm directly
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TaxTMI 
TaxTMI 
