https://www.taxtmi.com/caselaws?id=258554 The Court held that the Commissioner of Income Tax (CIT) was not justified in invoking Section 263 of the Income Tax Act as the Assessing Officer (AO) had taken a possible and reasoned view regarding the legitimacy of interest claimed as business expenses by the assessee. The AO's decision was deemed not erroneous or prejudicial to the interests of the Revenue. Therefore, the CIT's order under Section 263 was quashed, and the appeal by the assessee was allowed. en-us Fri, 27 Mar 2015 00:00:00 +0530 Wed, 27 Jan 2016 14:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258554 The Court held that the Commissioner of Income Tax (CIT) was not justified in invoking Section 263 of the Income Tax Act as the Assessing Officer (AO) had taken a possible and reasoned view regarding the legitimacy of interest claimed as business expenses by the assessee. The AO's decision was deemed not erroneous or prejudicial to the interests of the Revenue. Therefore, the CIT's order under Section 263 was quashed, and the appeal by the assessee was allowed. Case-Laws Income Tax Fri, 27 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258554