https://www.taxtmi.com/caselaws?id=387686 The Tribunal dismissed the appeal, upholding the Principal Commissioner of Income Tax's revisionary order. The assessment order was deemed erroneous and prejudicial to the Revenue due to the AO's failure to properly investigate the legality of HUF as a partner in the firm and the allowability of interest payments to the HUF. The Tribunal directed the AO to conduct a fresh assessment in accordance with legal principles, ultimately affirming the PCIT's decision. en-us Thu, 24 Oct 2019 00:00:00 +0530 Tue, 29 Oct 2019 19:48:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387686 The Tribunal dismissed the appeal, upholding the Principal Commissioner of Income Tax's revisionary order. The assessment order was deemed erroneous and prejudicial to the Revenue due to the AO's failure to properly investigate the legality of HUF as a partner in the firm and the allowability of interest payments to the HUF. The Tribunal directed the AO to conduct a fresh assessment in accordance with legal principles, ultimately affirming the PCIT's decision. Case-Laws Income Tax Thu, 24 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387686