https://www.taxtmi.com/caselaws?id=241382 Revision under section 263 was upheld because the assessment order was found to suffer from inadequate enquiry on material matters other than the bad-debt claim, making it erroneous and prejudicial to the interests of revenue. The Tribunal also held that interest expenditure under section 36(1)(iii) could not be disallowed merely because borrowed business funds were advanced to financially weak sister concerns, where the assessee showed commercial reasons for not charging interest and the borrowings were for business purposes. The result was mixed: revision survived, but the interest disallowance was deleted. en-us Fri, 08 Mar 2013 00:00:00 +0530 Mon, 23 Dec 2013 10:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241382 Revision under section 263 was upheld because the assessment order was found to suffer from inadequate enquiry on material matters other than the bad-debt claim, making it erroneous and prejudicial to the interests of revenue. The Tribunal also held that interest expenditure under section 36(1)(iii) could not be disallowed merely because borrowed business funds were advanced to financially weak sister concerns, where the assessee showed commercial reasons for not charging interest and the borrowings were for business purposes. The result was mixed: revision survived, but the interest disallowance was deleted. Case-Laws Income Tax Fri, 08 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241382