https://www.taxtmi.com/caselaws?id=403323 The tribunal upheld the Principal Commissioner of Income Tax's revisional powers under Section 263, finding the original assessment deficient in verifying interest deduction claims. It ruled that interest on loans against fixed deposits cannot offset interest income, as per Section 57(iii). Additionally, the tribunal agreed with assessing gross interest income without allowing deduction for loan interest paid. The tribunal affirmed the PCIT's jurisdictional exercise, dismissing the appellant's arguments. The appeal was dismissed, and the PCIT's order to reassess was upheld. en-us Fri, 22 Jan 2021 00:00:00 +0530 Mon, 25 Jan 2021 11:33:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403323 The tribunal upheld the Principal Commissioner of Income Tax's revisional powers under Section 263, finding the original assessment deficient in verifying interest deduction claims. It ruled that interest on loans against fixed deposits cannot offset interest income, as per Section 57(iii). Additionally, the tribunal agreed with assessing gross interest income without allowing deduction for loan interest paid. The tribunal affirmed the PCIT's jurisdictional exercise, dismissing the appellant's arguments. The appeal was dismissed, and the PCIT's order to reassess was upheld. Case-Laws Income Tax Fri, 22 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403323