https://www.taxtmi.com/caselaws?id=327638 The Tribunal set aside the CIT's order under section 263 and allowed the appeal filed by the assessee. It found the AO's decision on the disallowance of interest payments debatable and reasonable, emphasizing that loss of revenue alone does not render an order erroneous. The Tribunal concluded that no disallowance was justified under section 40(a)(ia) for non-deduction of tax on interest payments to Tata Finance and Tata Motors Ltd, as the payees had fulfilled their tax obligations. en-us Wed, 06 Apr 2016 00:00:00 +0530 Mon, 16 May 2016 09:59:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327638 The Tribunal set aside the CIT's order under section 263 and allowed the appeal filed by the assessee. It found the AO's decision on the disallowance of interest payments debatable and reasonable, emphasizing that loss of revenue alone does not render an order erroneous. The Tribunal concluded that no disallowance was justified under section 40(a)(ia) for non-deduction of tax on interest payments to Tata Finance and Tata Motors Ltd, as the payees had fulfilled their tax obligations. Case-Laws Income Tax Wed, 06 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327638